HomeLifestyleIndia will benefit from price cap on Russian oil, claims US Finance...

India will benefit from price cap on Russian oil, claims US Finance Minister

Highlights

Janet Yellen will attend the US-India Economic and Financial Partnership meeting later this week.
She will also hold a bilateral meeting with Union Finance Minister Nirmala Sitharaman.
After the Russo-Ukraine war, India is buying more oil than Russia.

New Delhi. US Finance Minister Janet Yellen says that India will benefit from setting the Russian oil price cap. Yellen, who is visiting India this week, said the US does not want Russia to “unnecessarily profit” from the war and continue to enjoy high oil prices. Significantly, Russia’s share in India’s total oil imports has now increased to 22 percent, whereas till March this year, this figure was only 0.2 percent.

The goal of the US and other G7 countries is to prevent Russia from profiting from oil after its invasion of Ukraine. At the same time, they want that oil supply from Russia to other countries also continues. Russia has been buying more oil from Russia than India since the Ukraine war. This has happened due to Russia giving oil to India at a discount.

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price control

Yellen said that the US wants Russian oil to continue to supply global markets, but we want to make sure that Russia does not get an unfair advantage from the war-caused rate hike. Yellen said the Russian oil price cap would benefit countries that buy cheaper oil from Russia. Yellen said, “If India wants to use Western financial services like insurance, the price cap will apply to their purchase.” We believe that the price range will give them an opportunity to get good discounts in the global markets. We hope that India will benefit from this program.

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Janet will come to India

US Treasury Secretary Janet Yellen will visit India later this week to attend the US-India Economic and Financial Partnership meeting. During this, she will also hold a bilateral meeting with Union Finance Minister Nirmala Sitharaman. Janet Yellen said that there is a lot of potential for increasing trade between India and America. He said that I hope that we will discuss efforts to strengthen the resilience of supply chains and issues related to climate change.

Tags: business news in hindi, Crude oil, Crude oil prices, Russia ukraine war, USA

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