India Seeks Consensus Before Committing To Russia Oil Price Cap: Report
NDTV
The US is leading the efforts to get allies on board the price cap idea, which they anticipate will starve Russia of revenues that fund its invasion of Ukraine without taking oil off the market and triggering a price spike.
India will seek broader consensus before it supports US-led efforts to cap the price of Russian oil, which American officials are expected to push for this week when they travel to Mumbai and New Delhi.
India is hesitant to join the plan unless a consensus is reached with all buyers, according to people familiar with the matter, asking not to be identified because the deliberations aren't public.
That message will likely be conveyed to US Deputy Treasury Secretary Wally Adeyemo and his team at meetings with government officials and company executives from Wednesday to Friday. His boss, Janet Yellen, and the department have led efforts to get allies on board the price cap idea, which they anticipate will starve Russia of revenues that fund its invasion of Ukraine without taking oil off the market and triggering a price spike.
The effectiveness of an oil-price cap could hinge on commitments from key customers such as China and India, which have boosted oil purchases from Russia after most buyers shunned its barrels following the invasion of Ukraine.
