India's Decision To Reject The G7's Price Cap On Russian Oil Is Welcomed By Russia
In the first eight months of 2022, the Russian Foreign Ministry reported that India's imports of Russian oil increased to 16.35 million tonnes. Notably, despite the current conflict between Moscow and Kyiv, India still purchases oil from Russia. The choice to buy Russian oil has been defended by the Ministry of External Affairs.
Russia has stated that it appreciates India's decision to oppose the price ceiling on Russian oil that the G7 and its partners had previously announced. On December 9, Indian Ambassador to Russia Pavan Kapoor and Russian Deputy Prime Minister Alexander Novak had a meeting.
The price ceiling on Russian oil, set on December 5 by the G7 countries and their allies, was not supported by India, according to a statement from the Russian Foreign Ministry.
In the midst of the energy crisis, Novak emphasised that Russia is appropriately carrying out its contractual commitments for the provision of energy resources by diversifying its exports of energy to the east and south. G7 countries decided to set a price restriction on Russian oil imports earlier in September.
In the first eight months of 2022, the Russian Foreign Ministry reported that India's imports of Russian oil increased to 16.35 million tonnes. Notably, despite the current conflict between Moscow and Kyiv, India still purchases oil from Russia. The choice to buy Russian oil has been defended by the Ministry of External Affairs.Russia came in second place in terms of oil shipments to India over the summer. Additionally, there was an increase in coal and oil product deliveries. Hardeep Singh Puri, the Minister of Petroleum and Natural Gas, was invited by Novak to attend the international conference, Russian Energy Week 2023, which is slated to take place in Moscow from October 11–13, 2023, during their meeting with Pavan Kapoor. The two parties discussed the historic rise in commerce between Russia and India during the meeting. Kapoor and Novak stated a wish to keep in touch and expand their collaboration on the trading of energy resources such coal, fertiliser, liquefied natural gas, oil, and petroleum products.A price ceiling on Russian oil, according to Novak, is a "anti-market move" that has an impact on supply networks. "A price cap on Russian oil is a step that is anti-market. It messes up supply networks and might make the situation in the world's energy markets much worse. Such non-market techniques wreak havoc on the entire of the global trading system and create a perilous precedent in the energy market "According to Novak's comments.
It went on to say that as a result, "the issue of energy poverty is worsening not just in the poor world, but also in the developed countries of Europe."
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