Stick to price cap: US to India on Russian crude

Sandeep Dikshit

New Delhi, April 4

A visiting American team to tighten sanctions on Moscow said all Indian imports of crude from Russia must adhere to the price cap announced by the US, the EU and Australia.

“Permitting unrestricted Russian oil trade was and remains unacceptable. It would allow Putin to profit from a price spike he created,” said US Assistant Secretary for Economic Policy Eric Van Nostrand at an interactive session here on Thursday.

Another US official, however, said India had not been asked to stop or reduce oil imports from Russia, nor had it sanctioned any Indian entity for buying and refining crude purchased from Russia.

“There is no restriction; we have not asked India to reduce Russian oil buying. Not dictating that no trade can be done with Russia,” said Acting Assistant Secretary for Terrorist Financing Anna Morris.

MEA spokesperson Randhir Jaiswal said, “We buy oil from the international market, wherever it is available, at the cheapest rate. We have to ensure our energy security.” The team from the US is here to discuss the second phase of the price cap on Russian oil.

Not putting curbs on trade

There is no restriction; we have not asked India to reduce Russian oil buying. Once Russian oil is refined, it is no longer Russian oil. — Anna Morris, US official