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India-US Relations: Indian oil purchases are not subject to price caps as per US

India-US Relations: India can continue to purchase as much Russian oil as it pleases, even at prices over the G7 price cap, according to US Treasury Secretary Janet Yellen, as long as it stays away from Western insurance, finance, and maritime services that are subject to the price cap.

Yellen stated that the G7 price ceiling, which is meant to reduce Russia’s revenue, will still work and drive down world oil prices in an interview with the sources on the sidelines of the US-India business and investment opportunities event in New Delhi.

Yellen told sources, “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. They’re going to be heavily in search of buyers. And many buyers are reliant on Western services.”

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Other than China, India is currently Russia’s biggest oil buyer

Additionally, the Treasury Secretary emphasised that Russian oil “is going to be selling for a discount, and we’re glad for China, Africa, or India to have that discount. It’s okay.”

Regarding India’s and private Indian oil businesses’ purchase of Russian oil, Yellen stated that 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.”

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India as one of the US’s reliable trading partners

She referred to India as one of the US’s reliable trading partners during the ceremony. She remarked at the event, “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 asserted that recent pandemic-related disruptions and Russia’s invasion of Ukraine are justifications for further strengthening India-US commercial ties.
India’s External Affairs Minister, S. Jaishankar, has previously explained India’s oil purchases from Russia on a number of national and international venues, stressing that India will always act in the country’s best interests.

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