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Russia hails India’s decision not to back G7 price cap on oil


Russia said it welcomed India’s decision not to support the oil price cap. (Representative)

Moscow:

Russia said it welcomed India’s decision not to support the Russian oil price cap announced by the G7 and their allies. Russian Deputy Prime Minister Alexander Novak made the statement during his meeting with Indian Ambassador to Russia Pavan Kapoor on December 9.

“The Deputy Prime Minister welcomed India’s decision not to support the Russian oil price cap, which was imposed on December 5 by the G7 countries and their allies,” the Russian business ministry said. foreigners in a press release.

Novak stressed that Russia responsibly fulfills its contractual obligations in the supply of energy resources, diversifying energy exports to Eastern and Southern countries amid the energy crisis. Earlier in September, G7 countries agreed to impose a price cap on oil imports from Russia.

According to the statement released by the Russian Foreign Ministry, Russian oil imports to India reached 16.35 million tons in the first eight months of 2022. Notably, India continues to import oil from Russia despite the ongoing war between Moscow and Kiev. The Foreign Ministry defended the decision to buy Russian oil.

Over the summer, Russia ranked second in terms of oil shipments to India. In addition, shipments of petroleum products and coal also increased. During the meeting with Pavan Kapoor, Novak invited Minister of Petroleum and Natural Gas Hardeep Singh Puri to participate in the international forum, Russian Energy Week 2023, which will be held in Moscow from October 11-13, 2023.

During the meeting, both sides noted the record growth in trade between Russia and India. Mr. Kapoor and Mr. Novak expressed the wish to continue the interaction, strengthening cooperation on trade in energy resources such as oil, petroleum products, liquefied natural gas, coal and fertilizers.

Russian Deputy Prime Minister Alexander Novak has offered cooperation to India on leasing and building high-capacity ships so as not to depend on the ban on insurance services and the chartering of oil tankers in the European Union and the United Kingdom, according to the press release. Novak described the introduction of a Russian oil price cap as an “anti-market measure” which he said affects supply chains.

“The introduction of a Russian oil price cap is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the system international trade as a whole and set a dangerous precedent in the energy market,” Novak said in the statement.

“As a result, the problem of energy poverty is worsening not only in the developing world, but also in the developed countries of Europe,” he added.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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