India to examine proposal impose price cap on Russian oil purchases

New Delhi: India will examine western countries’ proposal to impose a price cap on oil purchases from Russia, Union Minister Hardeep Singh Puri said.

The Group of Seven, or G-7, countries has been seeking to enforce a price-capping mechanism on oil exports from Russia since December 5. On that day, the European Union’s ban on imports of Russian crude oil by sea will also take effect.

The price cap aims to reduce Russia’s ability to fund its invasion of Ukraine and minimize global energy prices’ impact on low and middle-income countries.

“I think there is an exemption for Japan for Sakhalin, then there is crude which comes through the pipeline, so they have exemptions…we will have to look at it,” Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Wednesday.

“India will buy oil from wherever it has to for the simple reason that this kind of a discussion cannot be taken to the consuming population of India,” he added.