India decides not to support price cap on Russian oil by G7, allies

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies. Russian Deputy Prime Minister Alexander Novak made the statement during his meeting with India's Ambassador to Russia, Pavan Kapoor on December 9

"The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian Foreign Ministry said in a statement.

Novak stressed that Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy exports to the countries in the east and south amid the energy crisis. Earlier in September, G7 nations agreed to impose a price cap on oil imports from Russia.

According to the statement issued by the Russian Foreign Ministry, Russian oil imports to India rose to 16.35 million tonnes in the first eight months of 2022.

Notably, India continues to import oil from Russia despite the ongoing war between Moscow and Kyiv. The Ministry of External Affairs has defended the decision of purchasing Russian oil.

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