The United States had discussions with Indian officials on a proposal to cap prices of Russian oil, US Deputy Treasury Secretary Wally Adeyemo said, as it seeks global support for a proposal to cut Russian revenue.
India and China have stepped up oil purchases from Russia after the Ukraine invasion at a discount to the market price, at a time Western sanctions have pushed global inflation to the highest levels in years and hurt revenues of European and American companies linked to Russia’s oil trade.
The Group of Seven aims to have a price-capping mechanism on Russian oil exports in place by Dec 5, when European Union sanctions banning seaborne imports of Russian crude come into force.
The rest of the world disagree with these G7 in all aspect of the sanctions. The sanctions hurt most countries including the G7. The world is paying a heavy price for fuel, food, fertilizers etc. Just a thought.
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