US announces India’s openness to oil price ceiling

Deputy Finance Minister Wally Adeyemo stressed that India is considering the possibility of joining the imposition of a cap on Russian oil

India is open to the idea of ​​imposing a price cap on Russian oil— the measure by which a number of Western countries hope to deprive Russia of increased revenues from a jump in energy prices and at the same time not cause a new increase,— U.S. Deputy Treasury Secretary Wally Adeyemo told Bloomberg.

“This weekend I was encouraged by a message from India's oil minister that they are considering joining,”— he explained.

However, he added that even if some countries do not decide to join the initiative that the G7 member states are promoting, they will still have more opportunities to negotiate price reductions in the future.

On Monday, the Minister of Oil and Gas Hardeep Singh Puri reported that India is aware of the proposal of the G7 countries to limit the price of Russian oil and will carefully consider it.

India has been actively buying Russian oil since April, wrote Nikkei Asia. Then imports amounted to 390 thousand barrels per day, in May— 650 thousand barrels, in June— 980 thousand (according to Reuters— 950 thousand).

At the beginning of the summer, Russia became the second largest oil exporter to India, overtaking Saudi Arabia in terms of supplies. Iraq came first. Reuters then wrote that the interest of buyers from Europe in oil from Russia decreased against the backdrop of sanctions, so India got the opportunity to make purchases at a big discount.

Read on RBC Pro Pro You can trade remotely on Chinese marketplaces. What You Need to Know How To Pro The Loser Scenario: Who's Affected And How To Avoid It follow the Iranian path in the IT sector >G7 countries have agreed to introduce a ceiling on the cost of Russian oil on September 2. This means that companies will refuse to insure and provide financial support for tankers with Russian oil if it costs more than the agreed ceiling.

The G7 finance ministers did not indicate its size in the final communiqué: “The initial price limit will be set at a level based on a set of technical data and will be determined by the entire coalition prior to implementation in each jurisdiction.

According to the Institute of International Finance (IIF), 90% of the ships in the world are insured by the British “International Group of Clubs Mutual Insurance» (International Group of P & I Clubs). Britain is one of the countries participating in the G7.

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