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US Supports India’s Russian Oil Buying Under Price Cap: Officials

OIL

The US supports India in continuing to import Russian oil while abiding to the price cap to avoid global supply shocks, US Treasury Assistant Secretary for Economic Policy Eric Van Nostrand said during a visit in India.

  • “What the sanction regime intends to do is to reduce Putin’s revenue,” Van Nostrand said.
  • “Russia will react to an effective price cap by continuing to invest money to avoid our sanctions, requiring us to continue to adapt and innovate in our strategy,” US Acting Assistant Secretary for Terrorist Financing Anna Morris said.
  • The G7 introduced the price cap of $60/bbl on Russian seaborne crude oil exports in late 2022.

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