U.S. not trying to sign up new countries to G7 oil price cap, says Yellen
2 years, 2 months ago

U.S. not trying to sign up new countries to G7 oil price cap, says Yellen

The Hindu  

U.S. Treasury Secretary Janet Yellen has said that there is no attempt to sign up countries to a price cap on Russian oil that is in the process of being implemented by a coalition of the Group of Seven advanced economies, the European Union and Australia. “And what we really need in the rest of the world is simply for potential purchasers - firms in those countries, in some cases, governments, but usually firms in countries throughout the world - to simply understand that the price cap is going to work,” Ms. Yellen said. The program’s success is not going to be measured by how many countries sign up for it, Ms. Yellen explained, but for there to be a flow of Russian oil still to the market and for countries to use the leverage provided by the cap to get the oil at lower prices. ‘No Decisions Made on Actual Price Level of Cap’ The coalition of countries that are imposing a restriction on the financial services associated with the purchase of Russian oil will jointly decide the appropriate level of the cap – and that price can be changed over time, Ms. Yellen said, emphasising that no decisions have been made about the actual cap.

India Oil Countries Russian Russian Oil Price Cap Its Purchases Ms Yellen  russian  price  cap  g7  eu  trying  ms  yellen  countries  coalition  oil  sign

History of this topic

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump
1 week, 6 days ago

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump

Deccan Chronicle  

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House.Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports, according to …

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’
1 month, 2 weeks ago

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’

Live Mint  

Union Petroleum and Natural Gas minister Hardeep Singh Puri said that India's decision to buy oil from Russia amid global uncertainties helped prevent a potential spike in global oil prices. In an interview with CNN's Becky Anderson in Abu Dhabi, Union minister Puri explained that if the Indian government hadn't bought Russian oil, global oil price would have gone up …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
8 months, 2 weeks ago

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials

The Hindu  

April 04, 2024 07:55 pm | Updated 09:51 pm IST - NEW DELHI Striking a conciliatory note on India’s imports of Russian oil, U.S. Treasury department officials visiting Delhi said on April 4 that the aim of U.S. sanctions and the oil “price cap” was not to limit the purchase of Russian ‘Ural’ oil, but to limit the revenues made …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap
8 months, 2 weeks ago

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap

India TV News  

Two senior US treasury officials - Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand - will urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, the Biden administration said in an official announcement. “They …

US to tell event in India that price cap on Russian oil working
8 months, 2 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

’My friend...’: Russian FM lauds Jaishankar’s response on oil import
9 months, 2 weeks ago

’My friend...’: Russian FM lauds Jaishankar’s response on oil import

Live Mint  

Russian foreign minister Sergey Lavrov has praised an old remark made by India's External Affairs Minister S Jaishankar at the United Nations. Lavrov at the World Youth Forum in Russia's Sochi called Jaishankar "My friend" and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war. Russian oil import According to …

Fear of sanctions keeps SBI off Russian oil deals
11 months, 1 week ago

Fear of sanctions keeps SBI off Russian oil deals

Live Mint  

NEW DELHI : State Bank of India has long avoided payment transactions for Russian oil bought by state-run refiners to avert US sanctions that came into force on 5 December 2022, two people aware of the matter said. Mint also reported about India’s largest lender requesting data on purchasing prices from refiners such as Indian Oil Corp. Ltd, Bharat Petroleum …

India reduces import of Russian crude oil over pricing
11 months, 1 week ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers
1 year ago

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Associated Press  

WASHINGTON — The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy. …

How Russia games oil sanctions for big profits
1 year, 1 month ago

How Russia games oil sanctions for big profits

Live Mint  

The latest evidence: Oil and gas tax revenue to the Russian budget in October more than doubled from September and rose by more than a quarter from the same month last year, according to data released Friday. The price cap, imposed last December, was supposed to achieve twin goals: ensure the flow of Russia’s crude on world markets, thus keeping …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

US checks if foreign banks followed cap on Russia oil
1 year, 2 months ago

US checks if foreign banks followed cap on Russia oil

Live Mint  

A US government office is checking whether foreign banks operating in the US conformed to the G7 price cap of $60 a barrel for Russian oil, a person aware of the matter said. The US treasury department’s Office of Foreign Assets Control has sought details of Russian oil purchases by including those by Indian entities in the last few months, …

G7 said to shelve regular Russian oil cap reviews as prices soar
1 year, 3 months ago

G7 said to shelve regular Russian oil cap reviews as prices soar

The Hindu  

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven countries along with the European Union and Australia imposed the price cap mechanism on Russian oil …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?
1 year, 6 months ago

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?

India TV News  

In a major development, the Financial Action Task Force which leads global action to tackle money laundering, terrorist and proliferation financing, is mulling to put Russia on the "black list" amid the ongoing war against its neighbouring country, Ukraine. Although it sounds quite familiar amid the fact the intergovernmental organisation had removed Moscow from the list of member counties in …

India hits back at EU’s criticism over Russian oil: ‘Look at your regulations’
1 year, 7 months ago

India hits back at EU’s criticism over Russian oil: ‘Look at your regulations’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. India’s foreign minister Subrahmanyam Jaishankar, who was in Brussels …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

India and China snap up Russian oil in April above ’price cap’
1 year, 8 months ago

India and China snap up Russian oil in April above ’price cap’

Live Mint  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India and China Snapping up Majority of Russian Oil Above Western Price Cap
1 year, 8 months ago

India and China Snapping up Majority of Russian Oil Above Western Price Cap

The Hindu  

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. …

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said
1 year, 8 months ago

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said

Live Mint  

As the Ukraine-Russia war continues, much has been said about India's ongoing import of Russian oil. Now, Finance Minister Nirmala Sitharaman has indicated that the country will explore buying Russian crude oil near or past the price cap imposed by the G-7 if necessary. While India has not signed any agreement with the Western powers to impose a price cap …

Russia says oil sales to India soared 22-fold last year
1 year, 8 months ago

Russia says oil sales to India soared 22-fold last year

Al Jazeera  

Sales to India surged in 2022 as European buyers turned to other markets after the Ukraine war, Russian deputy PM says. Russian oil sales to India surged more than 22-fold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister has said. Russia shifted its oil exports to India and China last …

US says Russia not benefiting from +$60/bbl oil to India
1 year, 9 months ago

US says Russia not benefiting from +$60/bbl oil to India

Live Mint  

Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday. Some Dubai-based traders, and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

Russian Economy in Good Shape Despite Sanctions, Says US Treasury Secy Yellen
1 year, 10 months ago

Russian Economy in Good Shape Despite Sanctions, Says US Treasury Secy Yellen

News 18  

US treasury secretary Janet Yellen on Thursday said the US wants to see more effective and tougher sanctions on Russia during a meeting of G20 finance ministers and central bank governors under India’s presidency in Bengaluru. “While by some measures the Russian economy has held up better than might initially have been expected, Russia’s now running a significant budget deficit.,” …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

‘Global economy in better place today than predicted’
1 year, 10 months ago

‘Global economy in better place today than predicted’

Live Mint  

New Delhi: War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US treasury secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill-over effects of macroeconomic tightening in major economies and debt distress in vulnerable countries like Zambia and Sri Lanka ahead of the crucial two-day meeting of finance …

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen
1 year, 10 months ago

Spill over of macroeconomic tightening of major economies, debt overhang need to be addressed: Janet Yellen

Live Mint  

War, debt and economics are set to dominate G20 leaders’ discussions over the next two days. US Treasury Secretary Janet Yellen on Thursday flagged the need for tackling challenges like the spill over effects of macroeconomic tightening in major economies to the rest of the world and the debt distress in vulnerable countries like Zambia and Sri Lanka, ahead of …

India's procurement of crude oil at lowest price from Russia furthering G7 approach: U.S.
1 year, 10 months ago

India's procurement of crude oil at lowest price from Russia furthering G7 approach: U.S.

The Hindu  

By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering the policy of G7 nations to reduce Russian oil revenues and Washington is comfortable with New Delhi on issues relating to energy security, a top Biden administration official has said. Assistant Secretary of State for Energy Resources Geoffrey R. Pyatt told …

‘Not looking to sanction India, our relations are most consequential’: U.S.
1 year, 10 months ago

‘Not looking to sanction India, our relations are most consequential’: U.S.

The Hindu  

U.S. Assistant Secretary of State for European and Eurasian Affairs Karen Donfried on Wednesday said that the U.S. is comfortable with the approach India has taken in buying oil from Russia and added that her country is not looking to sanction New Delhi as the relations between the two countries are most consequential. While responding to a media query regarding …

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official
1 year, 10 months ago

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official

India TV News  

The United States on Wednesday confirmed that it was not planning to impose any sanctions on India, amid the fact New Delhi exporting record-high Russian oil irrespective of the European Union and West imposed price cap on energy resources. EU, G7 partners agree on price cap on Russian petroleum products Notably, both the EU and the US adopted further price …

G-7, Europe reach deal for price cap on Russian diesel
1 year, 10 months ago

G-7, Europe reach deal for price cap on Russian diesel

Associated Press  

BRUSSELS — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union. The cap follows similar price limits put on Russian oil exports, with …

Europe reaches deal for price cap on Russian diesel
1 year, 10 months ago

Europe reaches deal for price cap on Russian diesel

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy European Union governments tentatively agreed …

G7 Seeks Two Price Caps for Russian Oil Products
1 year, 11 months ago

G7 Seeks Two Price Caps for Russian Oil Products

News 18  

The Group of Seven coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said. From Feb. 5, the coalition will also impose price caps on Russian products, such as diesel, kerosene and fuel …

Russia bans sales of oil to countries imposing price cap
1 year, 11 months ago

Russia bans sales of oil to countries imposing price cap

Live Mint  

Russia on Tuesday banned the sale of its oil and petroleum products to countries that put a cap on their sales price, in a move that threatened more uncertainty ahead for global energy markets. Many of Russia’s crude exports are now selling at market prices well below the $60 cap, primarily to countries like India, China and Turkey that haven’t …

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?
1 year, 11 months ago

Russia bans oil exports for countries using price cap: Why Moscow made move, who will be affected?

Firstpost  

While the G7, EU, and Australia will be affected by Russia’s ban if they adhere to the $60 per barrel price cap, experts say the move may benefit India and China – giving them further leverage to lower the price they pay for Moscow’s oil Russia has announced that countries and companies complying with the price cap on oil set …

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war
1 year, 11 months ago

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war

ABC  

President Vladimir Putin has delivered Russia's long-awaited response to a Western price cap, signing off on a five-month ban on the supply of crude oil and oil products to nations that impose the cap. Key points: Russia has banned G7 countries from crude oil exports, beginning February 1 The move follows the G7 price cap, aimed at crippling Moscow's military …

Russia bans oil sales to nations, firms complying with price cap
1 year, 11 months ago

Russia bans oil sales to nations, firms complying with price cap

Al Jazeera  

Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1. Russian President Vladimir Putin has issued a decree that bans oil sales to countries and companies that comply with a price cap agreed to by Western countries in response to Moscow’s invasion of Ukraine. The Group of Seven leading industrialised nations, …

Russia threatens to slash oil supplies in 2023, spooks markets
2 years ago

Russia threatens to slash oil supplies in 2023, spooks markets

Al Jazeera  

Moscow warns it may cut production by 5-7 percent in early 2023 as the energy war with the West deepens. Russia may cut oil output by 5-7 percent in early 2023 and halt sales to countries supporting a price cap on its crude and oil products, a senior official has said. “Crude prices are higher as energy traders focus on …

Drivers are stuck in limbo as world’s oil supply reshuffles
2 years ago

Drivers are stuck in limbo as world’s oil supply reshuffles

Associated Press  

NEW YORK — At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. Drivers now hope the situation doesn’t get worse after a series of cutbacks tied to Russia’s war in Ukraine, accidents and the slowing global economy have strained the world’s oil supply. “But it …

Russian oil said to be sold to India below price cap
2 years ago

Russian oil said to be sold to India below price cap

The Hindu  

Russia's flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap agreed by the West, four market sources said. Reuters calculations showed discounts for Urals oil at Russia's western ports for sale to India under some deals …

Russia offers India help in leasing and building large-capacity ships to overcome G7's oil price cap
2 years ago

Russia offers India help in leasing and building large-capacity ships to overcome G7's oil price cap

The Hindu  

Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. "The Deputy Prime Minister welcomed India's decision not to …

Russia remains India's top oil supplier for second month in a row in Nov: Report
2 years ago

Russia remains India's top oil supplier for second month in a row in Nov: Report

Hindustan Times  

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9,52,625 bpd from …

Russia remains India's top oil supplier for second month in a row in November
2 years ago

Russia remains India's top oil supplier for second month in a row in November

The Hindu  

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. As per Vortexa, India imported just …

Russia appreciates India's decision to not back G7's price cap on oil
2 years ago

Russia appreciates India's decision to not back G7's price cap on oil

India TV News  

Russia on Sunday said that it welcomes India's decision to not support the price cap imposed on Russian oil by the G7 members and their allies. The statement was given by Russian Deputy Prime Minister Alexander Novak during a meeting with India's Ambassador to Russia, Pavan Kapoor on December 9. The Deputy Prime Minister welcomed India's decision not to support …

Explained | What does a price cap for Russian oil mean?
2 years ago

Explained | What does a price cap for Russian oil mean?

The Hindu  

The story so far: After months of negotiation, western countries comprising the Group of Seven nations, the European Union and Australia, agreed to a price ceiling of $60 per barrel of seaborne Russian Urals crude oil that came into force just as sanctions against freighters carrying Russian crude oil took effect earlier this week. So western nations came up with …

India to make Russia its number one oil supplier this month in move that could scupper impact of price cap
2 years ago

India to make Russia its number one oil supplier this month in move that could scupper impact of price cap

The Independent  

Russia is on its way to becoming India’s top oil supplier this month in a move that will likely undermine the impact of a price cap imposed by G7 countries and their Western allies. Rajeev Jain, additional director-general at India’s petroleum ministry, told The Independent that India’s ranking in Russia’s energy trade is “not a matter for our calculations” as …

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