Russia offers India assistance in leasing and developing huge ships to get around the G7's oil price cap.

 

Russia has praised India for choosing to oppose the price cap on Russian oil that the G7 and its allies had announced, and has offered to work with it on leasing and building large ships to get around restrictions on insurance services and tanker chartering in the EU and the UK so that it can continue purchasing cheaper oil.

The offer was made during a Friday meeting between Pavan Kapoor, the Indian ambassador to Moscow, and Russian deputy prime minister Alexander Novak.

The price ceiling on Russian oil, set on December 5 by the G7 countries and their allies, was not supported by India, according to a statement from the Russian Foreign Ministry.

Since it began trading at a discount as the West avoided it as retaliation for Moscow's invasion of Ukraine, India's thirst for Russian oil has grown.

In spite of the energy crisis, according to Novak, Russia is appropriately upholding its contractual responsibilities to supply energy resources and diversifying its energy exports to nations in the East and South.

Novak offered India cooperation on leasing and developing large-capacity ships in order to minimise dependence on the restriction on insurance services and tanker chartering in the European Union and Britain, the statement added.

The Indian government has fiercely defended its oil trade with Russia, asserting that it must purchase oil from the region where it is most affordable.

The purchases took place in November before the EU set a price ceiling on Russian seaborne oil.

However, the government has made it clear that oil corporations would still purchase Russian oil outside of the price cap.

S. Jaishankar, the minister of external affairs, stated in a statement to the Rajya Sabha on December 7 that Indian refiners will continue to seek for the best offers for the sake of the nation.