Russia offers India help in leasing and building large-capacity ships to overcome G7's oil price cap
The Hindu
The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on December 9
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 offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, 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.
India's appetite for Russian oil has swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.
Mr. Novak noted that even amid the energy crisis, Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy exports to the countries in the East and South.
To avoid dependency on the ban on insurance services and tanker chartering in the European Union and Britain, Mr. Novak offered India cooperation on leasing and building large-capacity ships, the statement said.
The Indian government has been vehemently defending its oil trade with Russia, saying it has to source oil from where it is the cheapest.
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