India Shows Little Intent to Support Russian Oil Price Cap

High prices and tight supplies are weighing on India’s ability to support the G7 oil price cap on Russia, Indian External Affairs Minister Subrahmanyam Jaishankar said this week.

• He said that there is growing concern among developing countries with regards to how their energy security needs are being addressed, particularly as the energy markets are "under very great stress."
• “We are a $2,000 per capita economy," Jaishankar said. "The price of oil is breaking our back. That is our big concern."
• The Russian oil cap is designed to keep Russian oil flowing to avoid global price surges while limiting the revenue the Kremlin can generate.
• When asked about India supporting the cap, Jaishankar said, "Countries in the Global South have found it difficult to compete for limited energy, not just in terms of escalating pricing, but often in terms of availability," he said. "Countries have had tenders for which they don't even get a reply from suppliers, so our concern right now is that energy markets already under stress must soften up."