The G7 price cap on Russian oil supplies reduces Russian revenues, and the effectiveness of the mechanism is facilitated by recent actions by Indian oil refiners. This is reported by Reuters with a link to US officials.
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India has been one of the largest consumers of Russian oil after Western sanctions shifted the crude oil market from Europe to Asia.
New Delhi has traditionally had close economic and defense ties with Moscow and has refrained from criticizing Russia for its war in Ukraine. But last week, the foreign ministers of Ukraine and India said they had agreed to resume trade and cooperation to levels prior to the full-scale Russian invasion of Ukraine.
The price cap set by the Group of Seven (G7) countries, the European Union and Australia prohibits the use of Western maritime services such as insurance, labeling and transportation if tankers are carrying Russian oil priced at $60 or more a barrel.
Since October, the United States has enforced price caps through sanctions, including the designation in February of the Russian state-owned shipping company Sovcomflot (SKF).
According to American officials, international efforts are also driving action against Russia. oil refiners, including the Indian Reliance Industries, which does not buy Russian oil loaded on SCF tankers.
The introduction of a price cap on Russian oil affected the price that Russia could receive for its oil on world markets, reducing revenues from its war with Ukraine, officials say.
According to US Treasury Department estimates, the discount on Russian Urals crude to international Brent standard increased from about $12-13 in November to $17-18 in February, the latest month for which data is available , officials say.
