Russia welcomes India's decision to not support G7's price cap on Russian oil - Hindustan Times

ANI | | Posted by Yagya Sharma

Russia has said that it welcomes India's determination to not enactment the terms headdress connected Russian lipid announced by the G7 and their allies. Russian Deputy Prime Minister Alexander Novak made the connection during his gathering with India's Ambassador to Russia, Pavan Kapoor connected December 9.

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"The Deputy Prime Minister welcomed India's determination not to enactment the terms headdress connected Russian oil, which was imposed connected December 5 by the G7 countries and their allies," the Russian Foreign Ministry said successful a statement.

Novak stressed that Russia is responsibly fulfilling its contractual obligations for the proviso of vigor resources, diversifying vigor exports to the countries successful the eastbound and southbound amid the vigor crisis. Earlier successful September, G7 nations agreed to enforce a terms headdress connected lipid imports from Russia.

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According to the connection issued by the Russian Foreign Ministry, Russian lipid imports to India roseate to 16.35 cardinal tonnes successful the archetypal 8 months of 2022. Notably, India continues to import lipid from Russia contempt the ongoing warfare betwixt Moscow and Kyiv. The Ministry of External Affairs has defended the determination of purchasing Russian oil.

During the summer, Russia was ranked 2nd successful presumption of lipid shipments to India. Furthermore, deliveries of lipid products and ember besides increased. During the gathering with Pavan Kapoor, Novak invited the Minister of Petroleum and Natural Gas Hardeep Singh Puri to instrumentality portion successful the planetary forum, Russian Energy Week 2023, which is scheduled to beryllium held successful Moscow from October 11-13, 2023. During the meeting, the 2 sides noted the grounds maturation successful commercialized betwixt Russia and India. Kapoor and Novak expressed the tendency to proceed the interaction, expanding practice connected commercialized successful vigor resources similar oil, petroleum products, liquefied earthy gas, ember and fertiliser.

Russia's Deputy PM Alexander Novak offered practice to India connected leasing and gathering large-capacity ships successful bid to not beryllium connected the prohibition connected security services and tanker chartering successful European Union and the United Kingdom, the connection said.

Novak described introducing a terms headdress connected Russian lipid arsenic an "anti-market measure" which helium stressed affects proviso chains. "The instauration of a terms headdress connected Russian lipid is an anti-market measure. It disrupts proviso chains and could importantly complicate the concern successful planetary vigor markets. Such non-market mechanisms disrupt the planetary trading strategy arsenic a full and acceptable a unsafe precedent successful the vigor market," Novak said successful the statement.

"As a result, the occupation of vigor poorness is being aggravated not lone successful the processing world, but besides successful the developed countries of Europe," it added.