India will benefit from price cap on Russian oil, claims US Finance Minister
The US and its allies want to set a limit on the prices of oil exported from Russia (Russian oil price cap). They feel that Russia is taking unnecessary advantage of the increase in crude oil prices since the invasion of Ukraine.
Highlights
⏩ Janet Yellen will attend the US-India Economic and Financial Partnership meeting later this week.
⏩ She will also hold a bilateral meeting with Union Finance Minister Nirmala Sitharaman.
⏩ After the Russo-Ukraine war, India is buying more oil than Russia.
New Delhi. US Finance Minister Janet Yellen says that India will benefit from setting the Russian oil price cap. Yellen, who is visiting India this week, said the US does not want Russia to “unnecessarily profit” from the war and continue to enjoy high oil prices. Significantly, Russia’s share in India’s total oil imports has now increased to 22 percent, whereas till March this year, this figure was only 0.2 percent.
The goal of the US and other G7 countries is to prevent Russia from profiting from oil after its invasion of Ukraine. At the same time, they want the oil supply from Russia to other countries also continues. Russia has been buying more oil from Russia than India since the Ukraine war. This has happened due to Russia giving oil to India at a discount.
