September 26, 2022

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India does not support the plan to impose a price cap on Russian oil

New Delhi, September 2 (Sputnik) .- Indian political scientist Nandan Unnikrishnan, an honorary member of The Observer Research Foundation, has said that India will not join the plan to impose a price cap on Russian oil being developed by the G7 countries.

“In my opinion, India will not join the economic challenges India is facing, even if it has reduced prices and responded. It does not support the decision to establish a ceiling because such a decision is contained in the sanctions regime against Russia, and this is because India has not joined those sanctions which are not recognized by the United Nations system. “India only recognizes sanctions that the UN declares or approves,” Unnikrishnan told Sputnik.

The leaders of the G7 (Germany, Canada, the United States, France, Italy, Japan and the United Kingdom) confirmed their desire to reduce dependence on Russian energy carriers at a summit on June 26-28 and agreed to lower Russian oil and gas prices. . In early July, it was proposed to set them at 50 per cent of those in force at the time. According to the Bloomberg agency, figures ranging from 40 to 60 dollars are currently being discussed.

According to Dmitry Brychevsky, director of the Department of Economic Cooperation of the Russian Foreign Ministry, the introduction of price caps for Russian oil and gas is dangerous and will worsen the energy crisis: if the West takes such a step, Russian companies will act. For economic comfort, he said.

Commenting on the results of the meeting of G7 leaders, where the plan to set price limits was discussed, the diplomat admitted, “Western countries may theoretically try to introduce caps, put pressure on companies related to financial services, logistics and insurance. For the transportation of Russian oil by sea.

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According to Unnikrishnan, if the G7 countries implement this mechanism, “India will have to carefully weigh its relationship with many superpowers, carefully weigh all the pros and cons.” The political scientist noted that New Delhi is unlikely to face secondary barriers to acquisition of Russian oil.

“I don’t think that secondary sanctions will be used against India (…). In the current situation in the Indo-Pacific, India is finding partners in the West, especially the US allies. I don’t want to say that China is India’s enemy, but it is the biggest challenge at the moment. “India needs to engage with the West to counter China’s growth in the region. The West fully shares this Indian view, so I don’t think they are thinking of imposing secondary sanctions against India,” he opined. (Sputnik)