India to make Russia its number one oil supplier this month in move that could scupper impact of price cap
The IndependentRussia 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 Delhi’s only interest is in buying the cheapest oil. “India will be the key contributor to ensuring the price cap is ineffective – they were a sporadic buyer of Russian crude prior to the invasion of Ukraine, but are now importing close to 1 million barrels per day, a third of Russian seaborne crude exports,” said Mr Smith. open image in gallery India’s foreign minister visited Moscow in November ahead of the EU’s oil ban and G7 price cap Lauri Myllyvirta, a lead analyst at the Centre for Research on Energy and Clean Air non-profit, said the aim of the price cap is to push the price close to the cost of production and gradually deprive Russia of taxable profits being used to “fund Russia’s barbaric invasion of Ukraine”.