Russia has mentioned that it welcomes India’s choice 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 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 mentioned in an announcement.

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

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According to the assertion issued by the Russian Foreign 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 continued battle between Moscow and Kyiv. The Ministry of External Affairs has defended the choice of buying Russian oil.

During the summer time, Russia was ranked second when it comes to oil shipments to India. Furthermore, deliveries of oil merchandise and coal additionally elevated. During the assembly with Pavan Kapoor, Novak invited the Minister of Petroleum and Natural Gas Hardeep Singh Puri to participate within the worldwide discussion board, Russian Energy Week 2023, which is scheduled to be held in Moscow from October 11-13, 2023. During the assembly, the 2 sides famous the report development in commerce between Russia and India. Kapoor and Novak expressed the will to proceed the interplay, growing cooperation on commerce in power assets 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 purpose to not rely upon the ban on insurance coverage providers and tanker chartering in European Union and the United Kingdom, 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 price cap on Russian oil is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the international trading system as a whole and set a dangerous precedent in the energy market,” Novak mentioned within the assertion.

“As a result, the problem of energy poverty is being aggravated not only in the developing world, but also in the developed countries of Europe,” it added.