Ambassador: Reports on India’s adherence to oil price cap incorrect

MOSCOW, Mar 16 (PRIME) -- Media reports about India allegedly adhering to the price cap on Russian oil are nothing more than misinformation, Russian ambassador to India Denis Alipov said in an interview broadcast on Thursday.

“Misinformation dumps like this one happen all the time,” he said.

On March 12, Bloomberg reported citing people familiar with the matter that India had decided against breaching Western sanctions against Russia, including the price cap of U.S. $60 imposed on the purchases of oil from Moscow, and that the Indian government had asked banks and traders to adhere to the rules.

On Wednesday, Indian Oil Minister Hardeep Singh Puri said the Western states were not unhappy about India buying oil from Russia, because its purchases from the Persian Gulf would drive the prices higher.

Western oil sanctions came in force on December 5, 2022. The E.U. stopped receiving Russian seaborne oil, while the G7 countries, Australia and E.U. capped the price. Similar measures came in force for Russian oil products on February 5.

In response, Russia banned supplies of oil under the contracts that use the price caps directly or indirectly. Exports of oil under the contracts that include the price caps were banned from February 1.

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