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US Urges India To Join Russian Oil Price Cap

OIL

The US hopes India will join the Russian oil price cap along with the G7 nations, US Treasury Secretary Janet Yellen said in a report published by the Moneycontrol news outlet.

  • The G7 nations plan to cap prices of Russian sea-borne oil shipments from 5 December.
  • “If they want to use Western financial services like insurance, the price cap would apply to their purchases,” Yellen was quoted as saying
  • “But even if they use other financial services, we believe the price cap will give them leverage to negotiate good discounts from world markets. We would hope to see India benefiting from this programme,” she said.
  • India imports 85% of its crude demand and has been Russia’s second-largest oil customer after China, amid discounted Russian oil shipments.
  • India noted a greater than 100% yoy increase in Russian energy import trade values each month after the Russian conflict started in February, according to S&P Global Market Intelligence.
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