WASHINGTON, Sep 6 – PRIME India is open to the idea of limiting the price of Russian oil and is sending “encouraging” signals in this regard, US Deputy Treasury Secretary Wally Adeyemo said.
US strategic oil reserves fall to lowest since 1984
“Over the weekend, I received an encouraging message from the Indian oil minister that they are discussing joining (to the oil price cap from the Russian Federation),” Adeyemo said in an interview with Bloomberg.
Earlier Tuesday, the Economic Times reported that India would consider supporting a US proposal to cap Russian oil prices only if supplies were guaranteed from countries such as Venezuela and Iran.
The administration of US President Joe Biden has invited India to join a coalition to cap oil prices in Russia to cut Moscow’s crude oil revenues.
The leaders of the G7 countries (Great Britain, Germany, Italy, Canada, the USA, France and Japan) at the summit on June 26-28 confirmed their intention to reduce dependence on energy from Russia and tentatively agreed to start limiting prices for Russian oil and gas. At the beginning of July there were proposals to set the limit at half the current price. According to Bloomberg, figures of $40-60 are being discussed.
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