Russia continues to enjoy strong oil trade with India and China despite the sanctions imposed by the West for its war in Ukraine. A Reuters report shows that both countries have bought a vast majority of Russian oil in April at prices above the western price cap of 60 dollars per barrel.

India, China buy Russian oil above West's cap

The West is adamant that sanctions on Russia are working. However, Russian Oil continues to make its way to reach Europe indirectly. The sanctions were imposed against Russia in response to the war of aggression against Ukraine. The importers of Russian oil and the global oil market bore the brunt of these sanctions. Nations around the world looked for an alternative. India played a key role in filling the void in the global oil market.

West using third countries as bridges to use Russian oil

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West.&nbsp;

India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.&nbsp;

The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports.

According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent.

Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap.

In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine.

A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow.

"We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime,"&nbsp;the official told Reuters on a condition of anonymity.&nbsp;&nbsp;

Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap&nbsp;in early April.&nbsp;

Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.&nbsp;

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said. The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports. According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent. Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap. In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine. A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. "We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime," the official told Reuters on a condition of anonymity. Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap in early April. Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.

Russia's oil exports remain strong, India and China top buyers in April: Report

How fuels from Russian oil are getting backdoor entry into Europe via India

Russia said Tuesday that oil sales to India surged more than twenty-fold in 2022 amidst the Ukraine conflict. Russia's military intervention in Ukraine led European buyers to turn to other markets, but oil sales to India saw a hike, Russia's deputy prime minister said Tuesday.

"Most of our energy resources were redirected to other markets, to the markets of friendly countries. If for example, we take oil supplies to India, they increased 22 times last year," Deputy Prime Minister Alexander Novak said in comments carried by Russian news agencies.

The Ukraine war pushed European countries away from Russia. The countries sought to end their reliance on Russian energy supplies. As this happened, Russia shifted its oil exports to India and China last year.

An embargo was placed by the European Union&nbsp;on seaborne Russian oil in December. A price&nbsp;cap on Russian crude was also agreed upon with the Group of Seven industrialised powers.

This made Russia's energy imports cheaper for China and India.

Novak is in charge of Russia's energy sector and added&nbsp;that supplies to China were increasing as a "result of the great work that has been done in the industry."

Russia is&nbsp;a major producer and key ally of the OPEC oil cartel. It recently announced a cut in crude production by 500,000 barrels per day in response to the Western sanctions. The cut amounts to&nbsp;five per cent of daily production and&nbsp;would continue through June.

Meanwhile, the International Energy Agency said this month that Russia's oil-export revenue sank by almost half in February compared to last year.

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Russia said Tuesday that oil sales to India surged more than twenty-fold in 2022 amidst the Ukraine conflict. Russia's military intervention in Ukraine led European buyers to turn to other markets, but oil sales to India saw a hike, Russia's deputy prime minister said Tuesday.

Russia said Tuesday that oil sales to India surged more than twenty-fold in 2022 amidst the Ukraine conflict. Russia's military intervention in Ukraine led European buyers to turn to other markets, but oil sales to India saw a hike, Russia's deputy prime minister said Tuesday. "Most of our energy resources were redirected to other markets, to the markets of friendly countries. If for example, we take oil supplies to India, they increased 22 times last year," Deputy Prime Minister Alexander Novak said in comments carried by Russian news agencies. The Ukraine war pushed European countries away from Russia. The countries sought to end their reliance on Russian energy supplies. As this happened, Russia shifted its oil exports to India and China last year. An embargo was placed by the European Union on seaborne Russian oil in December. A price cap on Russian crude was also agreed upon with the Group of Seven industrialised powers. This made Russia's energy imports cheaper for China and India. Novak is in charge of Russia's energy sector and added that supplies to China were increasing as a "result of the great work that has been done in the industry." Russia is a major producer and key ally of the OPEC oil cartel. It recently announced a cut in crude production by 500,000 barrels per day in response to the Western sanctions. The cut amounts to five per cent of daily production and would continue through June. Meanwhile, the International Energy Agency said this month that Russia's oil-export revenue sank by almost half in February compared to last year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russian oil sales to India saw a 22-fold surge in 2022, Moscow says

Greece and Bulgaria on Thursday (February 16) signed deals to reduce their dependence on Russian oil and gas. Greek prime minister's office said that the Balkan neighbours will co-operate on procuring and storing natural gas. It also said that the two countries will "explore" creation of a new pipeline between the ports of Alexandroupolis and Burgas.

The agreements are "one more step towards the strategic goal of European (energy) autonomy," Greek Prime Minister Kyriakos Mitsotakis said after a meeting with visiting Bulgarian President Rumen Radev.

The president said that Greek companies would now be able to store natural gas in underground facility of Chiren while Bulgarian companies will have access to Greek terminal of Revithoussa.

"Both countries will have assured access to facilities that are critical to their energy security," Mitsotakis said.

He said the agreement "turns our two countries into crossroads for gas distribution not just from Greece to Bulgaria, but to the rest of Europe."

Both states have sped up projects to diversify away from dependence on Russian oil and gas.

Earlier in February, Bulgaria launched construction of a long-delayed gas pipeline link to neighbouring Serbia, while Greece has increased its capacity to store liquid natural gas.

Russia is a major supplier of natural gas to Europe. But ever since the Ukraine war broke out, Russia has been leveraging its position as major energy provider for political gains.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Greece and Bulgaria on Thursday (February 16) signed deals to reduce their dependence on Russian oil and gas. Greek prime minister's office said that the Balkan neighbours will co-operate on procuring and storing natural gas.

Greece and Bulgaria on Thursday (February 16) signed deals to reduce their dependence on Russian oil and gas. Greek prime minister's office said that the Balkan neighbours will co-operate on procuring and storing natural gas. It also said that the two countries will "explore" creation of a new pipeline between the ports of Alexandroupolis and Burgas. The agreements are "one more step towards the strategic goal of European (energy) autonomy," Greek Prime Minister Kyriakos Mitsotakis said after a meeting with visiting Bulgarian President Rumen Radev. The president said that Greek companies would now be able to store natural gas in underground facility of Chiren while Bulgarian companies will have access to Greek terminal of Revithoussa. "Both countries will have assured access to facilities that are critical to their energy security," Mitsotakis said. He said the agreement "turns our two countries into crossroads for gas distribution not just from Greece to Bulgaria, but to the rest of Europe." Both states have sped up projects to diversify away from dependence on Russian oil and gas. Earlier in February, Bulgaria launched construction of a long-delayed gas pipeline link to neighbouring Serbia, while Greece has increased its capacity to store liquid natural gas. Russia is a major supplier of natural gas to Europe. But ever since the Ukraine war broke out, Russia has been leveraging its position as major energy provider for political gains. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Greece and Bulgaria come together, sign energy deal to reduce dependence on Russia

India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports.

A Bloomberg report quoting sources showed India's push for a rupee payment mechanism is becoming futile due to the growing trade gap with Russia. The sources said Russian banks had not initiated any payments in the Indian currency yet as they do not want a pile-up of rupees.

Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations told Bloomberg, "as far as we know, there has been no transaction in Indian rupees so far."

That comes when India promotes rupee trade with several countries, including Sri Lanka, Bangladesh, and South Africa.

The Rupee trade mechanism began to take shape due to Russia's conflict with Ukraine, which prompted US-led sanctions and drove India to increase its purchases of inexpensive oil from Moscow to reduce its import bill in the face of rising commodity prices.

The system served as a model for creating such agreements with other countries like Sri Lanka and Mauritius.

What a slow rupee trade with Russia can do is weigh further on the Indian currency, which has already weakened the most among emerging Asian currencies over the past year.

The rupee has repeatedly breached several record lows against the dollar over the past year.

The Indian currency was changing hands at around 74 per dollar before the Ukraine crisis started late in February last year but has since fallen to multiple all-time lows, breaching the 83 per dollar level for the first time ever.

The currency has been trading in a narrow range but closer to 83 per dollar for a few months. India is relying on the internationalisation of the rupee to lower dollar demand and protect the economy from external shocks.

Last month, officials from India and Russia met to discuss methods to increase exports to Moscow in industries like electronics. That was to restart the rupee trade mechanism. But traders are considering alternative modes of payment.

<h2>Pakistan to buy Russian oil and gas, Putin calls the country a 'key partner'</h2>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pakistan-to-buy-russian-oil-and-gas-putin-calls-the-country-a-key-partner-554782/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Reserve Bank of India announced the settlement of international trade in rupees plan in July.&nbsp;But seven months since, the system is mostly restricted to payments for the import of defence equipment.

India refiners, too, prefer to pay in the United Arab Emirates dirham, which is pegged to the dollar, as payment in roubles is also difficult because there is no set rate for the Russian currency.

Reliance Industries Ltd., the largest firm in India by market value, and BPCL are two Indian refiners that use dirhams to pay for some shipments of Russian petroleum to avoid Western sanctions.

Russia has emerged as India's top crude oil supplier, overtaking Saudi Arabia and Iraq.

Even though petroleum remains the main commodity traded between the two countries, imports of goods like fertiliser and sunflower oil have increased recently.

India's imports from Russia increased by more than 400 per cent in the eight months leading up to November compared to the same period last year.

But exports decreased by 14 per cent during the same period, indicating that the government's efforts to increase outbound shipments have not been very successful.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports.

India's love for cheap oil from Russia is hurting the country's rupee trade plan. Data based on figures from the trade ministry showed India's imports from Russia in the eight months leading up to November were about 16 times greater than its exports. A Bloomberg report quoting sources showed India's push for a rupee payment mechanism is becoming futile due to the growing trade gap with Russia. The sources said Russian banks had not initiated any payments in the Indian currency yet as they do not want a pile-up of rupees. Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations told Bloomberg, "as far as we know, there has been no transaction in Indian rupees so far." That comes when India promotes rupee trade with several countries, including Sri Lanka, Bangladesh, and South Africa. The Rupee trade mechanism began to take shape due to Russia's conflict with Ukraine, which prompted US-led sanctions and drove India to increase its purchases of inexpensive oil from Moscow to reduce its import bill in the face of rising commodity prices. The system served as a model for creating such agreements with other countries like Sri Lanka and Mauritius. What a slow rupee trade with Russia can do is weigh further on the Indian currency, which has already weakened the most among emerging Asian currencies over the past year. The rupee has repeatedly breached several record lows against the dollar over the past year. The Indian currency was changing hands at around 74 per dollar before the Ukraine crisis started late in February last year but has since fallen to multiple all-time lows, breaching the 83 per dollar level for the first time ever. The currency has been trading in a narrow range but closer to 83 per dollar for a few months. India is relying on the internationalisation of the rupee to lower dollar demand and protect the economy from external shocks. Last month, officials from India and Russia met to discuss methods to increase exports to Moscow in industries like electronics. That was to restart the rupee trade mechanism. But traders are considering alternative modes of payment. Pakistan to buy Russian oil and gas, Putin calls the country a 'key partner' The Reserve Bank of India announced the settlement of international trade in rupees plan in July. But seven months since, the system is mostly restricted to payments for the import of defence equipment. India refiners, too, prefer to pay in the United Arab Emirates dirham, which is pegged to the dollar, as payment in roubles is also difficult because there is no set rate for the Russian currency. Reliance Industries Ltd., the largest firm in India by market value, and BPCL are two Indian refiners that use dirhams to pay for some shipments of Russian petroleum to avoid Western sanctions. Russia has emerged as India's top crude oil supplier, overtaking Saudi Arabia and Iraq. Even though petroleum remains the main commodity traded between the two countries, imports of goods like fertiliser and sunflower oil have increased recently. India's imports from Russia increased by more than 400 per cent in the eight months leading up to November compared to the same period last year. But exports decreased by 14 per cent during the same period, indicating that the government's efforts to increase outbound shipments have not been very successful. (With inputs from agencies) WATCH WION LIVE HERE

India's soaring Russian oil imports are hurting the rupee trade plan

Pakistan has announced that it will be buying cheap Russian oil to cushion the current energy crisis that emanated due to the balance of payment crisis.

Pakistan has also been unable to procure oil after the banks refused to settle letters of credit (LCs) for the import of crude and petroleum products. The country’s foreign exchange reserves have lately depleted to about $4.6 billion, barely enough to cover three weeks of imports — mostly for oil.

Russian Energy Minister Nikolay Shulginov, who is in Islamabad for the annual inter-governmental commission on trade and economy, said that they are in the final stages of the agreement and added that the oil exports will begin by end of March.

He further announced that the payments will be made in the “currencies of friendly countries," without elaborating on which currency would be used.

"We have already decided to draft an agreement to sort out all the issues that we have with regard to transportation, insurance, payments and volumes. These issues are in the final stage of the agreement," Shulginov said in a statement on Saturday.

"We have already established a timeline of this agreement by the end of March," the Russian minister added.

The development comes at a time when the Group of 7 (G7) countries are reviewing the price cap on exports of Russian oil. They are scheduled to meet in March.

Earlier in December, the Pakistani government announced that Russia had agreed to export oil to the energy-starved country at a reduced price.

In an interview to Geo News TV later in the day, Pakistani junior oil minister Musadik Malik said that the country is looking to 35 per cent of its total crude oil requirement.

"If we have dollars in excess, then we are ready to do the trade in dollars, and if there is a shortage of dollars and we have some other currency in our reserves, we are ready to trade in that.”

"All these things will be finalised in the next 60 days, so that by the end of March the oil supply starts from&nbsp;Russia."

Oil takes the lion's share of Pakistan’s import bill. Islamabad has traditionally been importing&nbsp;from Saudi Arabia and the United Arab Emirates. This is the first time they would be procuring Russian oil.

(With inputs from agencies)

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Pakistan has announced that it will be buying cheap Russian oil to cushion the current energy crisis that emanated due to the balance of payment crisis. Pakistan has also been unable to procure oil after the banks refused to settle letters of credit (LCs) for the import of crude and petroleum products.

Pakistan has announced that it will be buying cheap Russian oil to cushion the current energy crisis that emanated due to the balance of payment crisis. Pakistan has also been unable to procure oil after the banks refused to settle letters of credit (LCs) for the import of crude and petroleum products. The country’s foreign exchange reserves have lately depleted to about $4.6 billion, barely enough to cover three weeks of imports — mostly for oil. Russian Energy Minister Nikolay Shulginov, who is in Islamabad for the annual inter-governmental commission on trade and economy, said that they are in the final stages of the agreement and added that the oil exports will begin by end of March. He further announced that the payments will be made in the “currencies of friendly countries," without elaborating on which currency would be used. "We have already decided to draft an agreement to sort out all the issues that we have with regard to transportation, insurance, payments and volumes. These issues are in the final stage of the agreement," Shulginov said in a statement on Saturday. "We have already established a timeline of this agreement by the end of March," the Russian minister added. The development comes at a time when the Group of 7 (G7) countries are reviewing the price cap on exports of Russian oil. They are scheduled to meet in March. Earlier in December, the Pakistani government announced that Russia had agreed to export oil to the energy-starved country at a reduced price. In an interview to Geo News TV later in the day, Pakistani junior oil minister Musadik Malik said that the country is looking to 35 per cent of its total crude oil requirement. "If we have dollars in excess, then we are ready to do the trade in dollars, and if there is a shortage of dollars and we have some other currency in our reserves, we are ready to trade in that.” "All these things will be finalised in the next 60 days, so that by the end of March the oil supply starts from Russia." Oil takes the lion's share of Pakistan’s import bill. Islamabad has traditionally been importing from Saudi Arabia and the United Arab Emirates. This is the first time they would be procuring Russian oil. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan to import cheap Russian oil, deal in ‘final stages’

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.&nbsp;The remarks came in response to the move of the Group of Seven, European Union and Australia to impose a price limit on Russian oil of $60 per barrel in a bid to weaken Kremlin’s ability to finance its war in Ukraine. The price cap&nbsp;came into effect on Monday.

“I have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday after a regional summit in Kyrgyzstan’s capital, Bishkek.

<h2>Russian President Putin attends Eurasian Economic Council, talks to focus on energy and trade</h2>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russian-president-putin-attends-eurasian-economic-council-talks-to-focus-on-energy-and-trade-541594/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

“We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”.

The Russian leader added that Moscow will announce retaliatory steps “in the next few days”, but did not elaborate further.

Currently, the market price of a barrel of Russian Urals crude is hovering around $65 dollars, just slightly above the cap agreed.

<h2>Putin hints at ending war in Ukraine</h2>

After the summit, Putin also talked about the possibility of ending the war in Ukraine, adding that Russia is looking for a settlement with its neighbour.

“The settlement process as a whole, yes, it will probably be difficult and will take some time. But one way or another, all participants in this process will have to agree with the realities that are taking shape on the ground,” he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/vladimir-putin-toys-with-idea-of-pre-emptive-nuclear-strike-541732">Vladimir Putin toys with idea of 'pre-emptive' nuclear strike</a>

Putin’s statement came just days after the 70-year-old hinted at a protracted war in Ukraine, saying that his military operation could be a “long-term process”.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/russia-open-to-more-prisoner-exchanges-with-united-states-says-vladimir-putin-541671">Russia open to more prisoner exchanges with United States, says Vladimir Putin</a>

He further said that his military operation was going as per the plan.

“Everything is stable. There are no questions or problems there,” he said.

(With inputs from agencies)

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.

Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production. The remarks came in response to the move of the Group of Seven, European Union and Australia to impose a price limit on Russian oil of $60 per barrel in a bid to weaken Kremlin’s ability to finance its war in Ukraine. The price cap came into effect on Monday. “I have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday after a regional summit in Kyrgyzstan’s capital, Bishkek. Russian President Putin attends Eurasian Economic Council, talks to focus on energy and trade “We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”. The Russian leader added that Moscow will announce retaliatory steps “in the next few days”, but did not elaborate further. Currently, the market price of a barrel of Russian Urals crude is hovering around $65 dollars, just slightly above the cap agreed. Putin hints at ending war in Ukraine After the summit, Putin also talked about the possibility of ending the war in Ukraine, adding that Russia is looking for a settlement with its neighbour. “The settlement process as a whole, yes, it will probably be difficult and will take some time. But one way or another, all participants in this process will have to agree with the realities that are taking shape on the ground,” he said. Also read | Vladimir Putin toys with idea of 'pre-emptive' nuclear strike Putin’s statement came just days after the 70-year-old hinted at a protracted war in Ukraine, saying that his military operation could be a “long-term process”. Also Read | Russia open to more prisoner exchanges with United States, says Vladimir Putin He further said that his military operation was going as per the plan. “Everything is stable. There are no questions or problems there,” he said. (With inputs from agencies) WATCH WION LIVE HERE:

Putin threatens to cut oil production over price cap, stop sale to nations insisting on ceiling

External Affairs Minister S Jaishankar said that Indian foreign policy was to serve the Indian people and he will do whatever it takes to discharge that responsibility. On purchasing Russian oil, he said the policy is to go where we get the best deal in the interest of the Indian people.

WION Dispatch: EAM Jaishankar defends India's stance on Russian oil in Parliament

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.&nbsp;

Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session.

US&nbsp;crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel.

Watch |&nbsp;Gravitas: OPEC thwarting the West's plans?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-opec-thwarting-the-wests-plans-540365/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year.

Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy.

China's national health authority said on Wednesday that asymptomatic <a href="https://www.wionews.com/topics/coronavirus">COVID-19</a> cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease.

"China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note.

Also read |&nbsp;<a href="https://www.wionews.com/world/moscow-says-will-not-accept-western-price-cap-on-its-crude-claims-russian-oil-will-continue-to-be-in-demand-540030">Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'</a>

The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note.

Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the&nbsp;highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up.

A potential drawdown in US&nbsp;crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front.

However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday.

"There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier.

Also read |&nbsp;<a href="https://www.wionews.com/world/oil-price-cap-will-not-affect-russian-military-operation-in-ukraine-540193">Oil price cap 'will not affect' Russian military operation in Ukraine</a>

Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets.

Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession.&nbsp;Those fears were sparked by strong economic data or hawkish signals from other policymakers.

Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year.

Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices.

"Energy traders are not confidently buying dips, but they will if the current selloff sends (US&nbsp;crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US&nbsp;Strategic Petroleum Reserve.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session. Brent crude futures edged up 3 cents, or 0.04 per cent, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session. US crude futures mostly traded sideways and were down 9 cents or 0.12 per cent to $74.16 a barrel. Watch | Gravitas: OPEC thwarting the West's plans? Brent's slump on Tuesday was the largest daily decline since late September, which has traded in a $62 range this year. Expectations of rising demand in China continued to be a positive driver, as the country posted fewer new COVID-19 infections for the second consecutive day and announced sweeping changes in its tough anti-virus policy. China's national health authority said on Wednesday that asymptomatic COVID-19 cases and those with mild symptoms can quarantine at home, in the strongest sign so far that China is preparing its people to live with the disease. "China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. Also read | Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand' The reopening could see a 1 per cent boost to global oil demand, ANZ said in a client note. Data earlier on Wednesday showed China's crude oil imports in November rose 12 per cent from a year earlier to the highest in 10 months, as companies replenished stocks with cheaper oil and as new plants started up. A potential drawdown in US crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front. However, uncertainty on how the price cap on Russian oil would impact supply contributed to volatility. Russia is considering three options, including banning oil sales to some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers, the Vedomosti daily reported on Wednesday. "There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice president at Rystad Energy, adding crude production in Russia may not drop as much as expected earlier. Also read | Oil price cap 'will not affect' Russian military operation in Ukraine Some weakness was attributed to a stronger greenback after it firmed from the earlier session and cautious activity in Asian stock markets. Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession. Those fears were sparked by strong economic data or hawkish signals from other policymakers. Oil prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year. Some optimism remained that buyers could come back if the market bottoms out amid a contango price structure, where forward prices are higher than prompt prices. "Energy traders are not confidently buying dips, but they will if the current selloff sends (US crude) prices close to the levels the Biden administration might refill the SPR, which is in the $70 region," a senior market analyst at OANDA Edward Moya said in a client note, referring to the US Strategic Petroleum Reserve. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil steadies after fall as China demand revival hopes offset Russia price cap uncertainty

Russia has denounced the West's price cap on its oil and said it "will not accept" it. The Kremlin also reportedly said that it was analysing how to respond.

Kremlin spokesperson Dmitry Peskov as per a report by the Russian news agency TASS said that his country has made preparations for the price cap that goes into effect on Monday (December 5th).

AFP reports that this price cap agreed by the EU, G7 and Australia will go into effect on Monday alongside an EU embargo on maritime deliveries of Russian crude oil. Under the cap, Russia can only continue delivery of oil sold at $60 per barrel or less.

Watch |&nbsp;Russia denounces oil price cap agreed by EU, G7; Zelensky says 'price cap on Moscow not serious'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-denounces-oil-price-cap-agreed-by-eu-g7-zelensky-says-price-cap-on-moscow-not-serious-539819/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Peskov said "We will not accept this cap," adding that Moscow will conduct a rapid analysis of the agreement and respond.

Russia has insisted that it will stop oil supplies to nations that have participated in the price cap. Mikhail Ulyanov, Moscow's ambassador to international organisations in Vienna, also confirmed this stance in social media posts.

Also read |&nbsp;<a href="https://www.wionews.com/world/zelensky-says-60-price-cap-on-russian-oil-is-not-serious-as-it-is-quite-comfortable-for-moscow-539969">Zelensky says $60 price cap on Russian oil is ‘not serious’, won’t push Moscow into ending war</a>

"Starting from this year Europe will live without Russian oil," he said in one post, in another he claimed that Deputy Prime Minister of Russia Alexander Novak too has confirmed that Moscow will cut supplies to countries supporting the price cap.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Starting from this year <a href="https://twitter.com/hashtag/Europe?src=hash&amp;ref_src=twsrc%5Etfw">#Europe</a> will live w/o Russian oil. <a href="https://twitter.com/hashtag/Moscow?src=hash&amp;ref_src=twsrc%5Etfw">#Moscow</a> has already made it clear that it will NOT supply <a href="https://twitter.com/hashtag/oil?src=hash&amp;ref_src=twsrc%5Etfw">#oil</a> to those countries who support anti-market price cap. Very soon the <a href="https://twitter.com/hashtag/EU?src=hash&amp;ref_src=twsrc%5Etfw">#EU</a> will blame <a href="https://twitter.com/hashtag/Russia?src=hash&amp;ref_src=twsrc%5Etfw">#Russia</a> for using oil as a weapon.
— Mikhail Ulyanov (@Amb_Ulyanov) <a href="https://twitter.com/Amb_Ulyanov/status/1599025369272979456?ref_src=twsrc%5Etfw">December 3, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Deputy Prime Minister of Russia A.Novak confirmed today that Moscow would not supply oil to countries supporting price cap.They can make politically motivated anti-market decisions putting at risk stability of the oil market, Russia has the right to react accordingly.
— Mikhail Ulyanov (@Amb_Ulyanov) <a href="https://twitter.com/Amb_Ulyanov/status/1599435772699893763?ref_src=twsrc%5Etfw">December 4, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Reuters reports that as per US Treasury Secretary Janet Yellen the price cap will be particularly beneficial to low and medium-income countries and would "cut into" the Russian President's most important source of revenue.

"With Russia's economy already contracting and its budget increasingly stretched thin, the price cap will immediately cut into (President Vladimir) Putin’s most important source of revenue."

Also read |&nbsp;<a href="https://www.wionews.com/world/opec-agrees-to-stick-to-its-oil-output-targets-amid-market-uncertainties-539992">OPEC+ agrees to stick to its oil output targets amid market uncertainties, energy crisis</a>

On Friday, Russian Urals crude was traded at approximately $67/barrel.

Russia's embassy in the United States criticised the cap and called the move "dangerous", adding that in spite of it Moscow is "confident" it will find buyers for its oil.

"Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials' consumers," it said."Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand."

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Russia has denounced the West's price cap on its oil and said it "will not accept" it. The Kremlin also reportedly said that it was analysing how to respond. Kremlin spokesperson Dmitry Peskov as per a report by the Russian news agency TASS said that his country has made preparations for the price cap that goes into effect on Monday (December 5th).

Russia has denounced the West's price cap on its oil and said it "will not accept" it. The Kremlin also reportedly said that it was analysing how to respond. Kremlin spokesperson Dmitry Peskov as per a report by the Russian news agency TASS said that his country has made preparations for the price cap that goes into effect on Monday (December 5th). AFP reports that this price cap agreed by the EU, G7 and Australia will go into effect on Monday alongside an EU embargo on maritime deliveries of Russian crude oil. Under the cap, Russia can only continue delivery of oil sold at $60 per barrel or less. Watch | Russia denounces oil price cap agreed by EU, G7; Zelensky says 'price cap on Moscow not serious' Peskov said "We will not accept this cap," adding that Moscow will conduct a rapid analysis of the agreement and respond. Russia has insisted that it will stop oil supplies to nations that have participated in the price cap. Mikhail Ulyanov, Moscow's ambassador to international organisations in Vienna, also confirmed this stance in social media posts. Also read | Zelensky says $60 price cap on Russian oil is ‘not serious’, won’t push Moscow into ending war "Starting from this year Europe will live without Russian oil," he said in one post, in another he claimed that Deputy Prime Minister of Russia Alexander Novak too has confirmed that Moscow will cut supplies to countries supporting the price cap. Starting from this year #Europe will live w/o Russian oil. #Moscow has already made it clear that it will NOT supply #oil to those countries who support anti-market price cap. Very soon the #EU will blame #Russia for using oil as a weapon. — Mikhail Ulyanov (@Amb_Ulyanov) December 3, 2022 × Deputy Prime Minister of Russia A.Novak confirmed today that Moscow would not supply oil to countries supporting price cap.They can make politically motivated anti-market decisions putting at risk stability of the oil market, Russia has the right to react accordingly. — Mikhail Ulyanov (@Amb_Ulyanov) December 4, 2022 × Reuters reports that as per US Treasury Secretary Janet Yellen the price cap will be particularly beneficial to low and medium-income countries and would "cut into" the Russian President's most important source of revenue. "With Russia's economy already contracting and its budget increasingly stretched thin, the price cap will immediately cut into (President Vladimir) Putin’s most important source of revenue." Also read | OPEC+ agrees to stick to its oil output targets amid market uncertainties, energy crisis On Friday, Russian Urals crude was traded at approximately $67/barrel. Russia's embassy in the United States criticised the cap and called the move "dangerous", adding that in spite of it Moscow is "confident" it will find buyers for its oil. "Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials' consumers," it said."Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'

Following European Union, the Group of Seven (G7) nations and Australia on Friday (December 2) also agreed to the USD 60 per barrel price cap on Russian seaborne crude oil. Earlier in the day, the European Union member states had hammered out a political agreement over price cap overcoming Poland's hesitancy.&nbsp;The price cap will make it very difficult for Russia to sell its oil for a higher price since the most important shipping and insurance firms are based in G7 countries. 
 
The price cap by G&amp; coalition will allow non-EU countries to keep importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. 
 
The EU had agreed to the price cap&nbsp;after holdout Poland also came in its support, paving the way for formal approval over the weekend.

The G7 and Australia said in a statement that the price cap would take effect on Dec. 5 or very soon thereafter.

Watch | War in Ukraine: $60 per barrel price cap agreed on Russian crude oil

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/war-in-ukraine-60-per-barrel-price-cap-agreed-on-russian-crude-oil-539608/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The nations said they anticipated that any revision of the price would include a form of grandfathering to allow compliant transactions concluded before the change.

"The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. No details were immediately available on what further actions could be taken.

The price cap aims to limit Russia's ability to raise income through its energy assets to fund its ongoing war efforts in Ukraine.

Also Read | <a href="https://www.wionews.com/world/us-remains-ready-to-meet-russia-over-new-start-nuclear-treaty-talks-says-official-539606">US remains ready to meet Russia over 'New Start' nuclear treaty talks, says official</a><a href="https://www.wionews.com/world/us-remains-ready-to-meet-russia-over-new-start-nuclear-treaty-talks-says-official-539606">&nbsp;</a>

Warsaw had resisted the proposed level as it examined an adjustment mechanism to keep the cap below the market price. It had pushed in EU negotiations for the cap to be as low as possible to squeeze revenues to Russia and limit Moscow's ability to finance its war in Ukraine.

Polish Ambassador to the EU, Andrzej Sados, on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5 per cent&nbsp;below the market rate. U.S. officials said the deal was unprecedented and demonstrated the resolve of the coalition opposing Russia's war.

Details of the deal are due to be published in the EU legal journal on Sunday.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Following European Union, the Group of Seven (G7) nations and Australia on Friday (December 2) also agreed to the USD 60 per barrel price cap on Russian seaborne crude oil.

Following European Union, the Group of Seven (G7) nations and Australia on Friday (December 2) also agreed to the USD 60 per barrel price cap on Russian seaborne crude oil. Earlier in the day, the European Union member states had hammered out a political agreement over price cap overcoming Poland's hesitancy. The price cap will make it very difficult for Russia to sell its oil for a higher price since the most important shipping and insurance firms are based in G7 countries. The price cap by G& coalition will allow non-EU countries to keep importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap. The EU had agreed to the price cap after holdout Poland also came in its support, paving the way for formal approval over the weekend. The G7 and Australia said in a statement that the price cap would take effect on Dec. 5 or very soon thereafter. Watch | War in Ukraine: $60 per barrel price cap agreed on Russian crude oil × The nations said they anticipated that any revision of the price would include a form of grandfathering to allow compliant transactions concluded before the change. "The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement read. No details were immediately available on what further actions could be taken. The price cap aims to limit Russia's ability to raise income through its energy assets to fund its ongoing war efforts in Ukraine. Also Read | US remains ready to meet Russia over 'New Start' nuclear treaty talks, says official Warsaw had resisted the proposed level as it examined an adjustment mechanism to keep the cap below the market price. It had pushed in EU negotiations for the cap to be as low as possible to squeeze revenues to Russia and limit Moscow's ability to finance its war in Ukraine. Polish Ambassador to the EU, Andrzej Sados, on Friday told reporters Poland had backed the EU deal, which included a mechanism to keep the oil price cap at least 5 per cent below the market rate. U.S. officials said the deal was unprecedented and demonstrated the resolve of the coalition opposing Russia's war. Details of the deal are due to be published in the EU legal journal on Sunday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

G7 and Australia follow EU, agree to $60 a barrel price cap on Russian crude oil

The European Union member states have agreed to put a price cap of $60 a barrel on Russian oil, AFP reported on Friday. The countries decided to follow the lead of the G7 economies who imposed a limit on Russian oil in a bid to hamper the revenues earned by the Kremlin. While the EU has already imposed multiple sanctions on Russia, they have not stopped the imports completely.

Also read |&nbsp;<a href="https://www.wionews.com/world/who-pleased-to-see-china-ease-zero-covid-restrictions-amid-massive-protests-539548">WHO 'pleased' to see China ease zero-Covid restrictions amid massive protests</a>

According to the agreement, the price cap will be reviewed to maintain it in accordance with the market fluctuations and special attention will be paid to ensure that it is “at least 5% below the average market price. While nearly all the members agreed on the oil price cap, Poland remained skeptical of the terms, but the government finally gave its nod keeping the adjustments in mind.

Earlier, Russia said that the price cap will hurt its economy and it will result in higher inflation. While countries like China and India continue to deal with Russia when it comes to oil and natural gas, the loss of the European market has come as a major blow to the struggling Russian economy.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-rejects-joe-bidens-terms-for-ukraine-talks-says-offensive-will-continue-539410">Russia rejects Biden's terms for Ukraine talks, says offensive will continue</a>

The main objective behind the oil price cap is to cut finance to the Russian government who are currently involved in the invasion of Ukraine. Russia has already cut its supply to most European nations and the prevalent energy crisis is predicted to get worse with the price cap.

The EU also said that it will need the cooperation of all G7 nations to put pressure on Russia, but it remains to be seen how China and India will react to the price cap.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The European Union member states have agreed to put a price cap of $60 a barrel on Russian oil, AFP reported on Friday. The countries decided to follow the lead of the G7 economies who imposed a limit on Russian oil in a bid to hamper the revenues earned by the Kremlin.

The European Union member states have agreed to put a price cap of $60 a barrel on Russian oil, AFP reported on Friday. The countries decided to follow the lead of the G7 economies who imposed a limit on Russian oil in a bid to hamper the revenues earned by the Kremlin. While the EU has already imposed multiple sanctions on Russia, they have not stopped the imports completely. Also read | WHO 'pleased' to see China ease zero-Covid restrictions amid massive protests According to the agreement, the price cap will be reviewed to maintain it in accordance with the market fluctuations and special attention will be paid to ensure that it is “at least 5% below the average market price. While nearly all the members agreed on the oil price cap, Poland remained skeptical of the terms, but the government finally gave its nod keeping the adjustments in mind. Earlier, Russia said that the price cap will hurt its economy and it will result in higher inflation. While countries like China and India continue to deal with Russia when it comes to oil and natural gas, the loss of the European market has come as a major blow to the struggling Russian economy. Also read | Russia rejects Biden's terms for Ukraine talks, says offensive will continue The main objective behind the oil price cap is to cut finance to the Russian government who are currently involved in the invasion of Ukraine. Russia has already cut its supply to most European nations and the prevalent energy crisis is predicted to get worse with the price cap. The EU also said that it will need the cooperation of all G7 nations to put pressure on Russia, but it remains to be seen how China and India will react to the price cap.

European Union tentatively agrees on $60-per-barrel price cap on Russian oil

Russia on Wednesday hit out at European Union and larger western efforts to introduce a cap on the price of the Russian oil. The Russian foreign ministry said that the country will not supply oil to countries imposing a price cap.&nbsp;

Russian foreign ministry added that the proposal was an "anti-market" one and it would disrupt supply chains and worsen the situation on global energy markets.&nbsp;

"We have repeatedly said that the introduction of the so-called ceiling on Russian oil prices is not just a non-market mechanism, it is an anti-market measure," Russian foreign ministry spokeswoman Maria Zakharova said.

"Russia will not supply oil to countries that back this anti-Russian confrontational initiative. It is anti-Russian, but the repercussions will be disastrous for everyone," Zakharova added, reiterating what Russian Deputy Prime Minister Alexander Novak had asserted earlier.&nbsp;

ALSO READ -&nbsp;<a href="https://www.wionews.com/world/avoid-division-impose-price-cap-on-russian-oil-zelensky-to-europe-537395">Avoid division in ranks, impose price cap on Russian oil: Zelensky to Europe</a>

Earlier, Russian Deputy Prime Minister Alexander Novak had said that Russia will not supply oil to countries under the terms of the price cap, even if it would be more profitable. "This is generally unacceptable from the point of view of concluding contracts. We will work according to the market (conditions)," he had said.&nbsp;

WATCH -&nbsp;G7: <a href="https://www.wionews.com/videos/g7-price-cap-per-barrel-under-discussion-to-be-introduced-in-december-512601">Price cap per barrel under discussion, to be introduced in December</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/g7-price-cap-per-barrel-under-discussion-to-be-introduced-in-december-512601/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The G7 finance ministers have stated their intention to impose a price cap on Russian oil.

The price cap ruling is likely to go into effect on December 5, Russian news agency TASS reported.&nbsp;

Last week, the European Commission recommended capping Russian oil prices at $65-70 per barrel, which Poland and the Baltic countries opposed. Greece, Cyprus, and Malta, all of which rely on tanker traffic, want a bigger cap or some type of compensation.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Russia on Wednesday hit out at European Union and larger western efforts to introduce a cap on the price of the Russian oil. The Russian foreign ministry said that the country will not supply oil to countries imposing a price cap.

Russia on Wednesday hit out at European Union and larger western efforts to introduce a cap on the price of the Russian oil. The Russian foreign ministry said that the country will not supply oil to countries imposing a price cap. Russian foreign ministry added that the proposal was an "anti-market" one and it would disrupt supply chains and worsen the situation on global energy markets. "We have repeatedly said that the introduction of the so-called ceiling on Russian oil prices is not just a non-market mechanism, it is an anti-market measure," Russian foreign ministry spokeswoman Maria Zakharova said. "Russia will not supply oil to countries that back this anti-Russian confrontational initiative. It is anti-Russian, but the repercussions will be disastrous for everyone," Zakharova added, reiterating what Russian Deputy Prime Minister Alexander Novak had asserted earlier. ALSO READ - Avoid division in ranks, impose price cap on Russian oil: Zelensky to Europe Earlier, Russian Deputy Prime Minister Alexander Novak had said that Russia will not supply oil to countries under the terms of the price cap, even if it would be more profitable. "This is generally unacceptable from the point of view of concluding contracts. We will work according to the market (conditions)," he had said. WATCH - G7: Price cap per barrel under discussion, to be introduced in December × The G7 finance ministers have stated their intention to impose a price cap on Russian oil. The price cap ruling is likely to go into effect on December 5, Russian news agency TASS reported. Last week, the European Commission recommended capping Russian oil prices at $65-70 per barrel, which Poland and the Baltic countries opposed. Greece, Cyprus, and Malta, all of which rely on tanker traffic, want a bigger cap or some type of compensation. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil price cap proposal: Russia warns West of dire repercussions

Ukraine President Volodymyr Zelensky on Friday appealed Europeans to stay united to severely limit price for Russian oil.&nbsp;"There is no split, there is no schism among Europeans and we have to preserve this. This is our mission number one this year," Zelensky said in an address via a live video link to a conference in Lithuania.

Russia is a major supplier of oil and natural gas to Europe. It has leveraged this position to exert political pressure in order to retaliate against economic sanctions the West has chosen to impose in the aftermath of its Ukraine invasion. Setting a price cap on Russian oil has been seen as one of the measure that would limit Russia's ability to raise money for its war effort.

"Europe is helping itself. It's not helping Ukraine to stand against Russia, this is helping Europe to stand against Russian aggression,"&nbsp;he added.

Ukraine's energy grid has been badly battered due to Russian shelling. Much of the Ukraine is without heat or power as winter begins to make the mercury drop.

European Union governments remained split on Thursday over what level to cap Russian oil prices at to curb Moscow's ability to pay for the war, and Zelensky called on the EU leaders to settle on the lowest proposal of $30.

"The price cuts are very important. We hear about (proposals to set the cap per barrel at) $60 or $70. Such words sound more like a concession (to Russia),"&nbsp;Zelesnky said.

"But I'm very grateful to our Baltic and Polish colleagues for their proposals, quite reasonable ones, to set this cap at $30 per barrel. It's a much better idea", he added.

The EU states failed to reach a deal on the price cap for Russian sea-borne oil on Wednesday&nbsp;because Group of Seven nations (G7) proposal for a cap of $65-70 per barrel was seen as far too high by some and too low by others.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Ukraine President Volodymyr Zelensky on Friday appealed Europeans to stay united to severely limit price for Russian oil. "There is no split, there is no schism among Europeans and we have to preserve this.

Ukraine President Volodymyr Zelensky on Friday appealed Europeans to stay united to severely limit price for Russian oil. "There is no split, there is no schism among Europeans and we have to preserve this. This is our mission number one this year," Zelensky said in an address via a live video link to a conference in Lithuania. Russia is a major supplier of oil and natural gas to Europe. It has leveraged this position to exert political pressure in order to retaliate against economic sanctions the West has chosen to impose in the aftermath of its Ukraine invasion. Setting a price cap on Russian oil has been seen as one of the measure that would limit Russia's ability to raise money for its war effort. "Europe is helping itself. It's not helping Ukraine to stand against Russia, this is helping Europe to stand against Russian aggression," he added. Ukraine's energy grid has been badly battered due to Russian shelling. Much of the Ukraine is without heat or power as winter begins to make the mercury drop. European Union governments remained split on Thursday over what level to cap Russian oil prices at to curb Moscow's ability to pay for the war, and Zelensky called on the EU leaders to settle on the lowest proposal of $30. "The price cuts are very important. We hear about (proposals to set the cap per barrel at) $60 or $70. Such words sound more like a concession (to Russia)," Zelesnky said. "But I'm very grateful to our Baltic and Polish colleagues for their proposals, quite reasonable ones, to set this cap at $30 per barrel. It's a much better idea", he added. The EU states failed to reach a deal on the price cap for Russian sea-borne oil on Wednesday because Group of Seven nations (G7) proposal for a cap of $65-70 per barrel was seen as far too high by some and too low by others. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Avoid division in ranks, impose price cap on Russian oil: Zelensky to Europe

U.S. issued several warnings to India against the import of Russian oil, saying it was not in India's interest. India continued its energy imports from Russia and now U.S. has started taking a softer stance towards India. U.S. has now taken several opportunities to exclaim how it wishes to be India's 'best defence partner'. But why? Is Russia getting something from India that U.S. wants? Here’s a report by Shivan Chanana.

Why U.S. and Russia are playing tug-of-war to get India on their side

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the&nbsp;G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap.&nbsp;

In an interview with Reuters on the sidelines of the US–India business and investment opportunities event in New Delhi, Yellen said despite India's oil purchases from Russia the G7 price cap, which is intended to cut Russia's revenue will&nbsp;still work and bring down global oil prices.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/our-purchases-for-the-month-would-be-less-than-what-europe-does-in-an-afternoon-jaishankar-on-russian-oil-470374">Our purchases for the month would be less than what Europe does in an afternoon: Jaishankar on Russian oil</a>

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services."

The Treasury Secretary also highlighted that Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine."

Over purchase of Russian oil by India and private Indian oil companies, Yellen said they "can also purchase oil at any price they want as long as they don't use these Western services and they find other services."

ALSO READ |&nbsp;<a href="https://www.wionews.com/india/buying-russian-gas-is-not-funding-the-war-says-jaishankar-484836">Buying Russian gas is not funding the war, says Jaishankar</a>

During the event, she termed India as one of the trusted trading partners of US. "In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations," she remarked&nbsp;at the event.&nbsp;

She said that the recent disruptions caused by the pandemic and Russia’s war on Ukraine are reasons to further deepen India-US economic ties.

WATCH |&nbsp;&nbsp;<a href="https://www.wionews.com/videos/us-treasury-secretary-janet-yellen-meets-indias-finance-minister-nirmala-sitharaman-533263">US' Treasury Secretary Janet Yellen meets India's Finance Minister Nirmala Sitharaman</a>

India's External Affairs Minister S Jaishankar, has on various national and international platforms earlier,&nbsp;explained India's oil purchases from Russia where he made clear that India will do what is the best for the nation.&nbsp;

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

&nbsp;

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap.

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap. In an interview with Reuters on the sidelines of the US–India business and investment opportunities event in New Delhi, Yellen said despite India's oil purchases from Russia the G7 price cap, which is intended to cut Russia's revenue will still work and bring down global oil prices. ALSO READ | Our purchases for the month would be less than what Europe does in an afternoon: Jaishankar on Russian oil "Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services." The Treasury Secretary also highlighted that Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine." Over purchase of Russian oil by India and private Indian oil companies, Yellen said they "can also purchase oil at any price they want as long as they don't use these Western services and they find other services." ALSO READ | Buying Russian gas is not funding the war, says Jaishankar During the event, she termed India as one of the trusted trading partners of US. "In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations," she remarked at the event. She said that the recent disruptions caused by the pandemic and Russia’s war on Ukraine are reasons to further deepen India-US economic ties. WATCH | US' Treasury Secretary Janet Yellen meets India's Finance Minister Nirmala Sitharaman India's External Affairs Minister S Jaishankar, has on various national and international platforms earlier, explained India's oil purchases from Russia where he made clear that India will do what is the best for the nation. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India can buy as much Russian oil as it wants, outside price cap, says US

The United States does not currently have sanctions in place against Russian energy exports to other countries, Pakistan newspaper Dawn reported citing a US State Department official.

The report comes as Russia became India’s top oil supplier in October, and Pakistan is seeking energy supplies from Russia at a discount.

“The United States does not currently have sanctions in place against Russian energy exports to other countries,” a US State Department spokesperson, who has been unnamed, told Dawn.

The spokesperson said that the decision to ban Russian energy imports has been left to the individual countries, hoping that they would take an appropriate decision based on their own circumstances.

“We continue to coordinate with allies and partners, including India and European allies and partners, to mitigate the impact of (President Vladimir) Putin’s war of aggression against Ukraine on global energy markets,” the spokesperson added.

Watch |&nbsp;Gravitas: Joe Biden launches a fight with big oil

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-joe-biden-launches-a-fight-with-big-oil-530351/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Meanwhile, India’s import of Russian oil surged in October, making it the highest ever.

According to energy cargo tracker Vortexa, Moscow supplied 935,556 barrels per day (bpd) of crude oil to India in October.

Also read |&nbsp;<a href="https://www.wionews.com/world/third-shot-at-the-white-house-trump-says-will-make-very-big-announcement-on-november-15-532058" hreflang="en">A 3rd shot at White House? Trump to make 'very big announcement' on Nov 15</a>

Russia now makes up for 22 per cent of India's total crude imports, ahead of Iraq's 20.5 per cent and Saudi Arabia's 16 per cent.

Before the Russia-Ukraine war, Russia had supplied only 36,255 barrels per day of crude oil to India in December 2021, whereas Iraq exported 1.05 million bpd and Saudi Arabia 952,625.

Also read |&nbsp;<a href="https://www.wionews.com/world/north-korea-says-us-persistently-spreading-a-groundless-rumour-of-arms-dealings-between-it-and-russia-532032">N.Korea claims US spreading a groundless 'rumour of arms dealings' with Russia</a>

The increase in Indian imports of Russian oil comes in the aftermath of the western sanctions on Moscow in response to its Ukrainian war.

As the West tried to choke Russian energy supplies, Vladimir Putin decided to diver its export to Asian countries by selling the oil for cheap. India and China reaped the benefits as both became the biggest consumer of Russian oil.

India depends on imports to meet 85 per cent of its petroleum needs. As a result of western sanctions, the prices of oil surged in the international markets, forcing India to look for alternative avenues to quench its oil needs.

(With inputs from agencies)

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The United States does not currently have sanctions in place against Russian energy exports to other countries, Pakistan newspaper Dawn reported citing a US State Department official.

The United States does not currently have sanctions in place against Russian energy exports to other countries, Pakistan newspaper Dawn reported citing a US State Department official. The report comes as Russia became India’s top oil supplier in October, and Pakistan is seeking energy supplies from Russia at a discount. “The United States does not currently have sanctions in place against Russian energy exports to other countries,” a US State Department spokesperson, who has been unnamed, told Dawn. The spokesperson said that the decision to ban Russian energy imports has been left to the individual countries, hoping that they would take an appropriate decision based on their own circumstances. “We continue to coordinate with allies and partners, including India and European allies and partners, to mitigate the impact of (President Vladimir) Putin’s war of aggression against Ukraine on global energy markets,” the spokesperson added. Watch | Gravitas: Joe Biden launches a fight with big oil Meanwhile, India’s import of Russian oil surged in October, making it the highest ever. According to energy cargo tracker Vortexa, Moscow supplied 935,556 barrels per day (bpd) of crude oil to India in October. Also read | A 3rd shot at White House? Trump to make 'very big announcement' on Nov 15 Russia now makes up for 22 per cent of India's total crude imports, ahead of Iraq's 20.5 per cent and Saudi Arabia's 16 per cent. Before the Russia-Ukraine war, Russia had supplied only 36,255 barrels per day of crude oil to India in December 2021, whereas Iraq exported 1.05 million bpd and Saudi Arabia 952,625. Also read | N.Korea claims US spreading a groundless 'rumour of arms dealings' with Russia The increase in Indian imports of Russian oil comes in the aftermath of the western sanctions on Moscow in response to its Ukrainian war. As the West tried to choke Russian energy supplies, Vladimir Putin decided to diver its export to Asian countries by selling the oil for cheap. India and China reaped the benefits as both became the biggest consumer of Russian oil. India depends on imports to meet 85 per cent of its petroleum needs. As a result of western sanctions, the prices of oil surged in the international markets, forcing India to look for alternative avenues to quench its oil needs. (With inputs from agencies) WATCH WION LIVE HERE:

As India becomes top importer of Russian oil, US says not planning sanctions

The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.

US officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5, to ensure EU and US sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market.

“The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index,” said a coalition source, who was not authorized to speak publicly. “This will increase market stability and simplify compliance to minimize the burden on market participants.”

The initial price itself has not been set, but should be in the coming weeks, multiple sources said. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details.

Pegging the price as a discount to some index would have resulted in too much volatility and potential price swings, the source added.

The coalition worried that a floating price pegged below the Brent international benchmark might enable Russian President Vladimir Putin to game the mechanism by reducing supply, a second source with knowledge of the discussions said.

Putin could benefit from a floating price system because the price of his country's oil would also rise if Brent spiked due to a cut in oil from Russia, one of the world's largest petroleum producers. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said.

Also Read:&nbsp;<a href="https://www.wionews.com/world/russia-hints-retreat-in-southern-ukraine-but-kyiv-thinks-its-a-trap-531050">Russia hints at retreat in southern Ukraine, but Kyiv thinks it's a trap</a>

US Treasury Secretary Janet Yellen and other G7 officials argue the price cap, set to begin on Dec. 5 on crude and Feb. 5 on oil products, will squeeze funding to Russia without cutting supply to consumers. Russia has said it will refuse to ship oil to countries that set price caps.

Shipping services are eager to see more details about the G7 plan which is due to take effect in a month.

A steady price cap could enable insurers to more confidently roll over contracts and initiate new ones without fear that the price could be adjusted by the countries buying Russian oil, which could have potentially exposed insurers to sanctions.

No immediate comment was available from the treasury or the embassies of coalition members, which include the G7 rich nations, the European Union and Australia.

Separately, The Wall Street Journal reported on Friday that the United States and its allies had agreed on further details on which sales of Russian oil will face the price cap.

Each load of seaborne Russian oil will only be subject to the price cap when first sold to a buyer on land, the countries determined. Reuters could not immediately verify the report which cited people familiar with the matter. 
&nbsp;

&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.

The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. US officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5, to ensure EU and US sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index,” said a coalition source, who was not authorized to speak publicly. “This will increase market stability and simplify compliance to minimize the burden on market participants.” The initial price itself has not been set, but should be in the coming weeks, multiple sources said. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. Pegging the price as a discount to some index would have resulted in too much volatility and potential price swings, the source added. The coalition worried that a floating price pegged below the Brent international benchmark might enable Russian President Vladimir Putin to game the mechanism by reducing supply, a second source with knowledge of the discussions said. Putin could benefit from a floating price system because the price of his country's oil would also rise if Brent spiked due to a cut in oil from Russia, one of the world's largest petroleum producers. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Also Read: Russia hints at retreat in southern Ukraine, but Kyiv thinks it's a trap US Treasury Secretary Janet Yellen and other G7 officials argue the price cap, set to begin on Dec. 5 on crude and Feb. 5 on oil products, will squeeze funding to Russia without cutting supply to consumers. Russia has said it will refuse to ship oil to countries that set price caps. Shipping services are eager to see more details about the G7 plan which is due to take effect in a month. A steady price cap could enable insurers to more confidently roll over contracts and initiate new ones without fear that the price could be adjusted by the countries buying Russian oil, which could have potentially exposed insurers to sanctions. No immediate comment was available from the treasury or the embassies of coalition members, which include the G7 rich nations, the European Union and Australia. Separately, The Wall Street Journal reported on Friday that the United States and its allies had agreed on further details on which sales of Russian oil will face the price cap. Each load of seaborne Russian oil will only be subject to the price cap when first sold to a buyer on land, the countries determined. Reuters could not immediately verify the report which cited people familiar with the matter.

G7 coalition agrees to set a fixed rate for proposed price cap on Russian oil

Pakistan has expressed its interest in buying oil from Russia but added it would do so only if it is provided on the same rate as to India.&nbsp;Pakistan’s new finance minister Ishaq Dar, who is on an official visit to the US, said on Monday that his country is willing to buy fuel from Russia provided it is given at the same rate as to neighbouring India, reported The News International. 
 
Pakistan, which has been cosying up to the U.S., came up with the statement even when the U.S.-led West has imposed sanctions and is dissuading countries from buying Russian oil. 
 
Replying to a question, Dar said he hoped that the West would not object to Pakistan importing the discounted Russian fuel considering its financial hardships due to recent devastating floods.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-over-15000-complaints-registered-by-women-harassment-rape-and-family-issues-punjab-at-top-526619">Pakistan: Over 15,000 complaints registered by women for harassment, rape and family issues, Punjab at top</a>&nbsp;

On a question about US President Joe Biden saying that Pakistan was one of the most dangerous nations — with nuclear weapons without any cohesion, he said Prime Minister Shehbaz Sharif has already stated that there is a robust command and control system in the country and the US authorities have also acknowledged it often. 
 
Dar further said that he was optimistic that Pakistan would get out of the grey list of the Financial Action Task Force (FATF) as it has worked hard on it. 
 
Citing a joint report presented by the United Nations Development Programme, Asian Development Bank and the World Bank, Dar said, “Pakistan suffered losses to the tune of USD 32.40 billion due to floods. More than USD 16 billion are needed for the rehabilitation work.”&nbsp; 
 
“I have held 58 meetings with the heads of international financial institutions, the US, Saudi Arabia and other countries’ authorities during my four-day stay in Washington,” he was quoted as saying.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/woman-in-afghanistan-commits-suicide-before-taliban-could-stone-her-report-526120">Woman in Afghanistan commits suicide before Taliban could stone her: Report</a>&nbsp;

According to media reports, Pakistan is staring at a possible food crisis as the production of wheat is expected to drop and so it is also planning to buy wheat from sanction-hit Russia amid the ongoing Ukraine conflict. 
 
“The two technical sides are already discussing that. We want to procure wheat from Russia,” Pakistan’s ambassador to Moscow Shafqat Ali Khan had told the news agency TASS in an interview, further adding that, “...Russia has emerged as a new supplier for us, earlier it used to be different other countries. We look to Russia as a long-term, stable partner when it comes to food supplies for us.” 
 
Pakistan is the 35th largest importer of crude petroleum in the world and in 2020-21, it imported crude oil worth $1.92 billion.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Pakistan has expressed its interest in buying oil from Russia but added it would do so only if it is provided on the same rate as to India. Pakistan’s new finance minister Ishaq Dar, who is on an official visit to the US, said on Monday that his country is willing to buy fuel from Russia provided it is given at the same rate as to neighbouring India, reported The News International.

Pakistan has expressed its interest in buying oil from Russia but added it would do so only if it is provided on the same rate as to India. Pakistan’s new finance minister Ishaq Dar, who is on an official visit to the US, said on Monday that his country is willing to buy fuel from Russia provided it is given at the same rate as to neighbouring India, reported The News International. Pakistan, which has been cosying up to the U.S., came up with the statement even when the U.S.-led West has imposed sanctions and is dissuading countries from buying Russian oil. Replying to a question, Dar said he hoped that the West would not object to Pakistan importing the discounted Russian fuel considering its financial hardships due to recent devastating floods. ALSO READ | Pakistan: Over 15,000 complaints registered by women for harassment, rape and family issues, Punjab at top On a question about US President Joe Biden saying that Pakistan was one of the most dangerous nations — with nuclear weapons without any cohesion, he said Prime Minister Shehbaz Sharif has already stated that there is a robust command and control system in the country and the US authorities have also acknowledged it often. Dar further said that he was optimistic that Pakistan would get out of the grey list of the Financial Action Task Force (FATF) as it has worked hard on it. Citing a joint report presented by the United Nations Development Programme, Asian Development Bank and the World Bank, Dar said, “Pakistan suffered losses to the tune of USD 32.40 billion due to floods. More than USD 16 billion are needed for the rehabilitation work.” “I have held 58 meetings with the heads of international financial institutions, the US, Saudi Arabia and other countries’ authorities during my four-day stay in Washington,” he was quoted as saying. ALSO READ | Woman in Afghanistan commits suicide before Taliban could stone her: Report According to media reports, Pakistan is staring at a possible food crisis as the production of wheat is expected to drop and so it is also planning to buy wheat from sanction-hit Russia amid the ongoing Ukraine conflict. “The two technical sides are already discussing that. We want to procure wheat from Russia,” Pakistan’s ambassador to Moscow Shafqat Ali Khan had told the news agency TASS in an interview, further adding that, “...Russia has emerged as a new supplier for us, earlier it used to be different other countries. We look to Russia as a long-term, stable partner when it comes to food supplies for us.” Pakistan is the 35th largest importer of crude petroleum in the world and in 2020-21, it imported crude oil worth $1.92 billion. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Pakistan will buy oil from Russia if given on same rate as to India: Finance minister Ishaq Dar

The US is holding “deep talks” with India over the latter’s reliance on Russian arms and oil, CNN reported on Tuesday, quoting a US state department official.

The official claimed that Indian representatives are starting to look at other markets to meet their demands as they try to become less dependent on Moscow for arms purchases.&nbsp;

“India is heavily, heavily dependent on Russia, and that’s something that they did to themselves over some 40 years: first their military and then their energy dependence,” the official was quoted as saying. &nbsp;

“So, we have been in deep conversation with India about the fact that we want to help them have options to diversify here.”&nbsp;

Russian oil has been finding massive takers in the Asian market, with the bulk of purchases coming from India and China. &nbsp;

Moscow has been offering oil under heavy discounts as rising energy prices following the West’s sanctions.&nbsp;

India meets 83 per cent of its oil needs through imports, making it vulnerable to external shocks. Hence despite pressures from the West, New Delhi decided to pursue its interests to meet the domestic demands. &nbsp;

In 2021-22, the country’s oil import bill ballooned to $119 billion, stretching government finances and weighing on the post-pandemic economic recovery.&nbsp;

But ever since it started importing from Russia this year, India saved around 350 billion rupees ($43 million approx.), The Times of India newspaper reported.

At a seminar earlier this month, Indian finance minister Nirmala Sitharaman said that importing oil from Russia was part of the inflation management strategy and other countries were also doing something similar.&nbsp;

India has emerged as the second-largest buyer of Russian crude after China. &nbsp;

Russian oil accounts for 12 per cent of the country’s total oil purchase against less than 1 per cent before the war.

According to Reuters, Russia became India’s second-largest oil supplier in July, throwing Saudi Arabia to the third spot. Although Riyadh won back its position in August, Russia remains the third-largest oil supplier for India.

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The US is holding “deep talks” with India over the latter’s reliance on Russian arms and oil, CNN reported on Tuesday, quoting a US state department official. The official claimed that Indian representatives are starting to look at other markets to meet their demands as they try to become less dependent on Moscow for arms purchases.

The US is holding “deep talks” with India over the latter’s reliance on Russian arms and oil, CNN reported on Tuesday, quoting a US state department official. The official claimed that Indian representatives are starting to look at other markets to meet their demands as they try to become less dependent on Moscow for arms purchases. “India is heavily, heavily dependent on Russia, and that’s something that they did to themselves over some 40 years: first their military and then their energy dependence,” the official was quoted as saying. “So, we have been in deep conversation with India about the fact that we want to help them have options to diversify here.” Russian oil has been finding massive takers in the Asian market, with the bulk of purchases coming from India and China. Moscow has been offering oil under heavy discounts as rising energy prices following the West’s sanctions. India meets 83 per cent of its oil needs through imports, making it vulnerable to external shocks. Hence despite pressures from the West, New Delhi decided to pursue its interests to meet the domestic demands. In 2021-22, the country’s oil import bill ballooned to $119 billion, stretching government finances and weighing on the post-pandemic economic recovery. But ever since it started importing from Russia this year, India saved around 350 billion rupees ($43 million approx.), The Times of India newspaper reported. At a seminar earlier this month, Indian finance minister Nirmala Sitharaman said that importing oil from Russia was part of the inflation management strategy and other countries were also doing something similar. India has emerged as the second-largest buyer of Russian crude after China. Russian oil accounts for 12 per cent of the country’s total oil purchase against less than 1 per cent before the war. According to Reuters, Russia became India’s second-largest oil supplier in July, throwing Saudi Arabia to the third spot. Although Riyadh won back its position in August, Russia remains the third-largest oil supplier for India. (With inputs from agencies) WATCH WION LIVE HERE:

US holds talks with India for ending reliance on Russian oil, arms: Report 

The US is asking India and China to agree to a G7 proposal aimed at capping the price of Russian oil. How would a price cap be imposed? How will India respond to this request? Molly Gambhir tells you.

Gravitas: US wants India to support price cap on Russian oil

The Group of Seven (G7) nations are set to hold a meeting to impose a price cap on future Russian oil purchases, said the US officials, adding that India is going to benefit from this bid irrespective of its direct participation in the price cap mechanism. This comes days after Washington indicated that it hopes India and China to back its proposal to cap Russian oil.&nbsp;

“India will have access to a lower price of affordable energy. It can leverage the price cap to negotiate a lower price with Russia. It is consistent with a price cap,” said Elizabeth Rosenberg, the US treasury department’s Assistant Secretary for Terrorist Financing and Financial Crimes. She added, “We will not allow Russia to profit and get a war premium for invading Ukraine.”&nbsp;

The officials in Washington have told the reporters that the proposed price cap will factor in the cost of production and economically incentivise Russia to keep exporting oil, as the price of oil has skyrocketed in several countries amid high inflation. Reportedly, the G7 countries, US, UK Canada, France, Germany, Italy, and Japan,&nbsp;control nearly 90 per cent&nbsp;of insurers and vessels that Moscow relies on to transport oil. Furthermore, officials have also indicated that Russia is already a part of several long-term contracts with buyers offering huge discounts, which means that the price cap mechanism will work.&nbsp;

<a href="https://www.wionews.com/india-news/for-the-first-time-india-votes-against-russia-in-unsc-during-procedural-vote-on-ukraine-510162">Also read |&nbsp;In a first, India votes against Russia in UNSC during procedural vote on Ukraine</a>

The proposed price cap will apply to Russian oil and the G7 countries' plan to ensure that it is being adhered to is that any service provider including, transport, banking, insurance, and others from the G7 countries has to attest that the oil from Russia is being purchased below the price cap and have to be compliant. “It is not a global cap, it is G7 cap, we are using G7 reach and influence, in this everyone wins except Russia,” said Ben Harris, the US assistant secretary for economic policy and a counsellor to the secretary of the treasury, to the media.

This comes days after US deputy treasury secretary, Wall Adeyemo, during a press conference, on Tuesday, said that the US hopes that India and China will join the price cap mechanism or take advantage of it, to lower Russia’s earnings from the oil exports. He also indicated that the treasury department is seeking compliance with the price cap mechanism, and in order for it to be effective, they need assistance from those providing financial services to implement it.&nbsp;

However, experts have warned that the US-led initiative can backfire as it could push Russia to shut down its oil production causing the crude oil price in several countries to rise further. Earlier this week, Nikolai Shulginov, Russia’s energy minister warned that if the price cap mechanism is implemented Moscow would retaliate by sending more crude oil supplies to Asian countries. “Any actions to impose a price cap will lead to (a) deficit on (initiating countries’) own markets and will increase price volatility,” said Shulginov.&nbsp;

India is yet to respond to the proposed initiative, while it remains one of the largest importers of oil in the world and uses imported oil to meet more than 80% of its needs. Furthermore, amid western sanctions imposed on Moscow, India has drawn widespread criticism for its oil imports from Russia. However, New Delhi on multiple occasions has defended its stance citing discounted rates of Russian oil and ease of burden on its economy, as the prices soared following the conflict in Ukraine.&nbsp;

Responding to a question regarding India’s participation in the price cap mechanism, Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, indicated that there are a large number of factors and the country is still assessing whether to support the proposal. “Now, what will the proposal mean? We will look at it very carefully,” said Puri on Monday, in the context of how the world economy is still reeling from the impact of the Russian invasion of Ukraine and the coronavirus pandemic.&nbsp;

When asked if he feels morally conflicted about buying Russian oil amid the ongoing invasion of Ukraine, Puri responded, “No, there’s no conflict. I have a moral duty to my consumer. Do I as a democratically elected government want a situation where the petrol pump runs dry? Look at what is happening in countries around India.” This comes weeks after India's external affairs minister Dr S Jaishankar echoed a similar sentiment of Russian oil imports being the “best deal” for the country.&nbsp;

Watch WION's live TV here:

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

The Group of Seven (G7) nations are set to hold a meeting to impose a price cap on future Russian oil purchases, said the US officials, adding that India is going to benefit from this bid irrespective of its direct participation in the price cap mechanism.

The Group of Seven (G7) nations are set to hold a meeting to impose a price cap on future Russian oil purchases, said the US officials, adding that India is going to benefit from this bid irrespective of its direct participation in the price cap mechanism. This comes days after Washington indicated that it hopes India and China to back its proposal to cap Russian oil. “India will have access to a lower price of affordable energy. It can leverage the price cap to negotiate a lower price with Russia. It is consistent with a price cap,” said Elizabeth Rosenberg, the US treasury department’s Assistant Secretary for Terrorist Financing and Financial Crimes. She added, “We will not allow Russia to profit and get a war premium for invading Ukraine.” The officials in Washington have told the reporters that the proposed price cap will factor in the cost of production and economically incentivise Russia to keep exporting oil, as the price of oil has skyrocketed in several countries amid high inflation. Reportedly, the G7 countries, US, UK Canada, France, Germany, Italy, and Japan, control nearly 90 per cent of insurers and vessels that Moscow relies on to transport oil. Furthermore, officials have also indicated that Russia is already a part of several long-term contracts with buyers offering huge discounts, which means that the price cap mechanism will work. Also read | In a first, India votes against Russia in UNSC during procedural vote on Ukraine The proposed price cap will apply to Russian oil and the G7 countries' plan to ensure that it is being adhered to is that any service provider including, transport, banking, insurance, and others from the G7 countries has to attest that the oil from Russia is being purchased below the price cap and have to be compliant. “It is not a global cap, it is G7 cap, we are using G7 reach and influence, in this everyone wins except Russia,” said Ben Harris, the US assistant secretary for economic policy and a counsellor to the secretary of the treasury, to the media. This comes days after US deputy treasury secretary, Wall Adeyemo, during a press conference, on Tuesday, said that the US hopes that India and China will join the price cap mechanism or take advantage of it, to lower Russia’s earnings from the oil exports. He also indicated that the treasury department is seeking compliance with the price cap mechanism, and in order for it to be effective, they need assistance from those providing financial services to implement it. However, experts have warned that the US-led initiative can backfire as it could push Russia to shut down its oil production causing the crude oil price in several countries to rise further. Earlier this week, Nikolai Shulginov, Russia’s energy minister warned that if the price cap mechanism is implemented Moscow would retaliate by sending more crude oil supplies to Asian countries. “Any actions to impose a price cap will lead to (a) deficit on (initiating countries’) own markets and will increase price volatility,” said Shulginov. India is yet to respond to the proposed initiative, while it remains one of the largest importers of oil in the world and uses imported oil to meet more than 80% of its needs. Furthermore, amid western sanctions imposed on Moscow, India has drawn widespread criticism for its oil imports from Russia. However, New Delhi on multiple occasions has defended its stance citing discounted rates of Russian oil and ease of burden on its economy, as the prices soared following the conflict in Ukraine. Responding to a question regarding India’s participation in the price cap mechanism, Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, indicated that there are a large number of factors and the country is still assessing whether to support the proposal. “Now, what will the proposal mean? We will look at it very carefully,” said Puri on Monday, in the context of how the world economy is still reeling from the impact of the Russian invasion of Ukraine and the coronavirus pandemic. When asked if he feels morally conflicted about buying Russian oil amid the ongoing invasion of Ukraine, Puri responded, “No, there’s no conflict. I have a moral duty to my consumer. Do I as a democratically elected government want a situation where the petrol pump runs dry? Look at what is happening in countries around India.” This comes weeks after India's external affairs minister Dr S Jaishankar echoed a similar sentiment of Russian oil imports being the “best deal” for the country. Watch WION's live TV here: ×

India can benefit from the price cap imposed on Russian oil by the G7: US officials

russian-oil

Russian Oil, News on Russian Oil, stories on Russian Oil, articles on Russian Oil, Russian Oil stories at Wion, Russian Oil news, Russian Oil latest news

russian oil