Skip to main content

Russia Welcomes India's Decision To Not Support G7's Price Cap On Oil

Russia Welcomes India's Decision To Not Support G7's Price Cap On Oil

Russia said that it welcomes India's decision to not support the price cap on oil. (Representational)

Moscow:

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies. Russian Deputy Prime Minister Alexander Novak made the statement during his meeting with India's Ambassador to Russia, Pavan Kapoor on December 9.

"The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian Foreign Ministry said in a statement.

Mr Novak stressed that Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy exports to the countries in the east and south amid the energy crisis. Earlier in September, G7 nations agreed to impose a price cap on oil imports from Russia.

According to the statement issued by the Russian Foreign Ministry, Russian oil imports to India rose to 16.35 million tonnes in the first eight months of 2022. Notably, India continues to import oil from Russia despite the ongoing war between Moscow and Kyiv. The Ministry of External Affairs has defended the decision of purchasing Russian oil.

During the summer, Russia was ranked second in terms of oil shipments to India. Furthermore, deliveries of oil products and coal also increased. During the meeting with Pavan Kapoor, Novak invited the Minister of Petroleum and Natural Gas Hardeep Singh Puri to take part in the international forum, Russian Energy Week 2023, which is scheduled to be held in Moscow from October 11-13, 2023.

During the meeting, the two sides noted the record growth in trade between Russia and India. Mr Kapoor and Mr Novak expressed the desire to continue the interaction, increasing cooperation on trade in energy resources like oil, petroleum products, liquefied natural gas, coal and fertiliser.

Russia's Deputy PM Alexander Novak offered cooperation to India on leasing and building large-capacity ships in order to not depend on the ban on insurance services and tanker chartering in European Union and the United Kingdom, the statement said. Novak described introducing a price cap on Russian oil as an "anti-market measure" which he stressed affects supply chains.

"The introduction of a price cap on Russian oil is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the international trading system as a whole and set a dangerous precedent in the energy market," Novak said in the statement.

"As a result, the problem of energy poverty is being aggravated not only in the developing world, but also in the developed countries of Europe," it added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

"Accept The Decision": Pratibha Singh After SS Sukhu Named Chief Minister

Adblock test (Why?)



from NDTV News- Special https://ift.tt/1RINF0V https://ift.tt/v68qdNF
via IFTTT

Comments

Popular posts from this blog

US Defense Chief Austin To Make 'Full Recovery' From Cancer: Doctors

Austin, a 70-year-old career soldier, initially underwent minor surgery to treat cancer on December 22. Washington: US Defense Secretary Lloyd Austin is likely to make a "full recovery" from prostate cancer and his prognosis is "excellent," two doctors said after he was seen at Walter Reed hospital for a follow-up appointment. Austin controversially kept US President Joe Biden in the dark about the cancer diagnosis for weeks, and did not inform either the commander-in-chief or Congress until days after he was hospitalized on January 1 for complications from his treatment. "Secretary Austin was seen today at Walter Reed National Military Medical Center for a scheduled post-prostatectomy surveillance appointment," the doctors said in a statement released by the Pentagon. "He continues to recover well and is expected to make a full recovery. Secretary Austin's prostate cancer was treated early and effectively, and his prognosis is excellent,...

Republic Day Updates: Macron Chief Guest As Delhi Hosts Parade Amid Dense Fog

Adblock test (Why?) from NDTV News- Special https://ift.tt/yqj8XDV https://ift.tt/zHpGab4 via IFTTT

North Korea Says It Tested New Strategic Cruise Missile

North Korea test-fired a new generation of strategic cruise missile on Wednesday. (Representational) Seoul: North Korea fired several cruise missiles towards the Yellow Sea on Wednesday, Seoul's military said, the latest in a series of tension-raising moves by the nuclear-armed state. Hours later, North Korea appeared to confirm the firing, saying it had carried out its first test of a new generation of strategic cruise missiles it is developing, the Pulhwasal-3-31. Pyongyang has accelerated weapons testing in the new year, including tests of what it called an "underwater nuclear weapon system" and a solid-fuelled hypersonic ballistic missile. "Our military detected several cruise missiles launched by North Korea towards the Yellow Sea at around 7:00 am today," the South Korean Joint Chiefs of Staff said in a statement. Unlike their ballistic counterparts, the testing of cruise missiles is not banned under current UN sanctions against Pyongyang. Cruise...