The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, US Treasury Secretary Janet Yellen said on Friday. “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 said. Final details of the price cap to be imposed by wealthy G7 democracies and Australia are still coming together ahead of a December 5 deadline. The existence of the cap would give India, China and other major buyers of Russian crude leverage to push down the price they pay to Moscow, Yellen said. Russian oil “is going to be selling at bargain prices and we’re happy to have India get that bargain or Africa or China.

Source: The Express Tribune November 13, 2022 19:16 UTC