India gets Russian oil cheaper than the price cap recommended by the G7 nations to sanction crude from Russia. The US has been trying to convince New Delhi to join the Group of Seven in an oil embargo but to no avail.
India Gets Russian Oil Below the G7 Price Cap
Despite the independent thrust of New Delhi that has chosen Moscow as its benefactor, State Department officials verified the discounted sale last Wednesday. This is a sore point between the Modi government which has shrugged off constant attempts by Washington to follow its policies. These officials say India benefits its economy by regulating oil markets with cheap crude purchases, reported Al Arabiya.
Secretary of State Antony Blinken attended the meeting of the G20 foreign ministers in New Delhi. Joe Biden has attempted to convince others to embargo Moscow but failed. The US has been unable to force other nations to blame Moscow for food insecurity and expensive energy prices, as noted by Financial Post. Others preferred a neutral stance and chose to secure themselves. Problems crop up in the western alliance, causing ripples, but it is denied.
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Machinations of the US and allies to force New Delhi to reconsider defense and diplomatic ties with Moscow failed. Even condemnation of Russia in the United Nations assembly, where some officials had negative comments about it, had still abstained.
New Delhi had availed of cheap crude when it barely purchased any a year back. Buyers from Asia have become market that has opted for Russian energy to become a top provider.
The west attempted to tighten the noose on lower prices not offered to those Russia sees as bad actors. The Group of Seven price limit of $60-a-barrel will be affected by extra measures that have not affected Moscow's earnings much.
An outcome of the summit of G20 nations is yet to be determined, even as Washington is risking to convince others to condemn Moscow. But New Delhi chooses another path from what Joe Biden wants that has seen criticism.
China has been accused of considering giving the Kremlin aid in arms, which the US says. One reaction by US critics is that the US has given billions of its own money and resources to Zelensly with no visible effect.
Moscow Says Sanctions on Russian Oil a Failure
Last Monday, the Kremlin spokesman Dmitry Peskov mocked the European Union's ineffective attempts to impose new sanctions, citing Straits Times. The EU and US are convinced they have the clout to force punitive measures on Moscow. Peskov called it absurd that the bloc could even imagine they could overcome their problems.
These sanctions target Russia's income and military hardware that keeps coming. While the west is complaining of arms shortages, Peskov calls it illogical and nonsensical to punish people. India buys Russian oil cheaper than the price cap of the G7, but attempts to crack down have failed.
