Russia has mentioned that it welcomes India’s determination to not assist the worth cap on Russian oil introduced by the G7 and their allies. Russian Deputy Prime Minister Alexander Novak made the assertion throughout his assembly with India’s Ambassador to Russia, Pavan Kapoor on December 9.

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“The Deputy Prime Minister welcomed India’s determination to not assist the worth cap on Russian oil, which was imposed on December 5 by the G7 nations and their allies,” the Russian International Ministry mentioned in an announcement.

Novak burdened that Russia is responsibly fulfilling its contractual obligations for the provision of vitality sources, diversifying vitality exports to the nations within the east and south amid the vitality disaster. Earlier in September, G7 nations agreed to impose a worth cap on oil imports from Russia.

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In keeping with the assertion issued by the Russian International Ministry, Russian oil imports to India rose to 16.35 million tonnes within the first eight months of 2022. Notably, India continues to import oil from Russia regardless of the continuing warfare between Moscow and Kyiv. The Ministry of Exterior Affairs has defended the choice of buying Russian oil.

Through the summer time, Russia was ranked second by way of oil shipments to India. Moreover, deliveries of oil merchandise and coal additionally elevated. Through the assembly with Pavan Kapoor, Novak invited the Minister of Petroleum and Pure Fuel Hardeep Singh Puri to participate within the worldwide discussion board, Russian Vitality Week 2023, which is scheduled to be held in Moscow from October 11-13, 2023. Through the assembly, the 2 sides famous the report progress in commerce between Russia and India. Kapoor and Novak expressed the need to proceed the interplay, growing cooperation on commerce in vitality sources like oil, petroleum merchandise, liquefied pure fuel, coal and fertiliser.

Russia’s Deputy PM Alexander Novak supplied cooperation to India on leasing and constructing large-capacity ships with a view to not rely upon the ban on insurance coverage companies and tanker chartering in European Union and the UK, the assertion mentioned.

Novak described introducing a worth cap on Russian oil as an “anti-market measure” which he burdened impacts provide chains. “The introduction of a worth cap on Russian oil is an anti-market measure. It disrupts provide chains and will considerably complicate the scenario in international vitality markets. Such non-market mechanisms disrupt the worldwide buying and selling system as an entire and set a harmful precedent within the vitality market,” Novak mentioned within the assertion.

“Consequently, the issue of vitality poverty is being aggravated not solely within the growing world, but in addition within the developed nations of Europe,” it added.