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.
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“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.”
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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.
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