- Sunday, March 09, 2025
By: Shubham Ghosh
India on Wednesday said it will examine a proposal made by western nations to impose a price cap on purchases of Russian oil, even as some local refiners have lined up Russian cargoes for delivery after December 5, when the cap is set to come into force, Reuters reported.
The Group of Seven (G7) economies have been looking to enforce a price-capping mechanism on Russian oil exports by December 5, when European Union sanctions banning seaborne imports of Russian crude become effective.
“I think there is an exemption for Japan for Sakhalin, then there is crude which comes through the pipeline, so they have exemptions…we will have to look at it,” India’s oil minister Hardeep Singh Puri said, when asked if India would follow the planned price cap for Russian oil.
India has come up as Russia’s second biggest oil client after China as some western entities avoided purchases form Moscow after its military invasion of Ukraine in February.
