https://sputnikglobe.com/20220711/us-to-ask-india-japan-to-back-plan-to-cap-russian-oil-price-1097195151.html
US to Ask India, Japan to Back Plan to Cap Russian Oil Price
US to Ask India, Japan to Back Plan to Cap Russian Oil Price
Sputnik International
The Indian government has been emphatic in its rejection of US and European Union (EU)’s demands urging it to reduce reliance on Russian crude imports as... 11.07.2022, Sputnik International
2022-07-11T16:15+0000
2022-07-11T16:15+0000
2022-10-19T20:56+0000
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The United States will urge India and Japan to back a push by western allies to put a cap on prices of Russian crude imports at the upcoming talks among ‘Quad’ countries in Sydney, US Energy Secretary Jennifer Granholm told Bloomberg on Monday.A plan to cap prices of Russian crude oil in the global market was first formally discussed last month at the G7 Summit in Germany, where Indian Prime Minister Narendra Modi was also invited as a participant.“We will take immediate action to secure energy supply and reduce price surges driven by extraordinary market conditions, including by exploring additional measures such as price caps. We reaffirm our commitment to phase out our dependency on Russian energy, without compromising on our climate and environmental goals,” the G7 joint statement read.Reports have since suggested that western nations are planning to cap prices of Russian oil at $40-$60 a barrel by banning insurance and transportation services to ship Russian crude unless it is purchased at a capped price.Western efforts to reduce reliance on Russian oil since the beginning of Moscow's special military operation in Ukraine and Donbass have led to a global energy crisis of sorts, with oil prices hitting their highest level since the Global Financial Crisis (GFC) in 2008.However, western governments have been careful to not include Moscow’s energy exports in six rounds of coordinated sanctions, largely due to EU’s and Japan’s huge reliance on Russian oil, natural gas and coal.Despite the west’s ongoing campaign against Moscow, the US and European Union (EU) have miserably failed to wean countries like India and China off Russian energy imports.In fact, the Indian Prime Minister told G7 countries last month that New Delhi would continue to ensure its “energy security” amid a “challenging” global environment.Much less buckling to the west's pressure, India has significantly boosted imports of crude oil from Russia between February and June, buying more energy in these months than it bought last year.Data reported by various financial sources suggests that New Delhi, the world’s second biggest crude importer, bought a fifth of its overall supplies from Moscow in June, an all-time high. In May, Russia overtook Saudi Arabia to become New Delhi’s second biggest energy supplier.
https://sputnikglobe.com/20220630/g7-idea-of-capping-russian-oil-price-will-not-work-for-lack-of-authority-on-market-prof-says-1096842598.html
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US to Ask India, Japan to Back Plan to Cap Russian Oil Price
16:15 GMT 11.07.2022 (Updated: 20:56 GMT 19.10.2022) The Indian government has been emphatic in its rejection of US and European Union (EU)’s demands urging it to reduce reliance on Russian crude imports as western allies try to disrupt Moscow’s commercial relationships as payback for its special military operation in Ukraine.
The United States will urge India and Japan to back a push by western allies to put a
cap on prices of Russian crude imports at the upcoming talks among ‘Quad’ countries in Sydney, US Energy Secretary Jennifer Granholm told Bloomberg on Monday.
“We want to put on the table the option of joining a buyers’ group that will have greater market power to be able to lower the price, and therefore lower the price of Russian oil and lower the profits to Putin,” Granholm said during a visit to Australia’s largest city.
A plan to cap prices of Russian crude oil in the global market was first formally discussed last month at the G7 Summit in Germany, where Indian Prime Minister Narendra Modi was also invited as a participant.
“We will take immediate action to secure energy supply and reduce price surges driven by extraordinary market conditions, including by exploring additional measures such as price caps. We reaffirm our commitment to phase out our dependency on Russian energy, without compromising on our climate and environmental goals,” the
G7 joint statement read.
Reports have since suggested that western nations are planning to cap prices of Russian oil at $40-$60 a barrel by banning insurance and transportation services to ship Russian crude unless it is purchased at a capped price.
Western efforts to reduce reliance on Russian oil since the beginning of Moscow's special military operation in Ukraine and Donbass have led to a global energy crisis of sorts, with oil prices hitting their highest level since the Global Financial Crisis (GFC) in 2008.
However, western governments have been careful to not include Moscow’s energy exports in six rounds of coordinated sanctions, largely due to EU’s and Japan’s huge reliance on Russian oil, natural gas and coal.
Despite the west’s ongoing campaign against Moscow, the US and European Union (EU) have miserably failed to wean countries like India and China off Russian energy imports.
In fact, the Indian Prime Minister told G7 countries last month that New Delhi would continue to ensure its “
energy security” amid a “challenging” global environment.
Much less buckling to the west's pressure, India has significantly boosted imports of crude oil from Russia between February and June, buying more energy in these months than it bought last year.
Data reported by various financial sources suggests that New Delhi, the world’s second biggest crude importer, bought a fifth of its overall supplies from Moscow in June, an all-time high. In May, Russia overtook Saudi Arabia to become New Delhi’s second biggest energy supplier.
