https://sputniknews.in/20240229/india-under-no-pressure-from-g7-oil-cap-after-latest-us-sanctions-indian-petroleum-minister-6696679.html
India Under No Pressure from G7 Oil Price Cap After Latest US Sanctions: Indian Petroleum Minister
India Under No Pressure from G7 Oil Price Cap After Latest US Sanctions: Indian Petroleum Minister
Sputnik India
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri has said that Prime Minister Narendra Modi doesn't feel any pressure because of the G7 price cap on Russian oil.
2024-02-29T12:01+0530
2024-02-29T12:01+0530
2024-02-29T12:03+0530
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Indian Petroleum and Natural Gas Minister Hardeep Singh Puri has said that India doesn't feel any pressure because of the G7 price cap on Russian oil.The Indian minister remarked that Prime Minister Narendra Modi didn't feel the pressure by the western countries to follow the $60 per barrel price cap.In a social media post, Puri highlighted that India was the only major economy in the world where fuel prices hadn't gone up in the last two years.New Delhi has refused to buckle under western pressure to cut down its oil purchases from Russia since 2022. Instead, since last year, Russia has fortified its position as the top supplier of crude to India, replacing New Delhi's traditional suppliers in the Middle-East.
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India Under No Pressure from G7 Oil Price Cap After Latest US Sanctions: Indian Petroleum Minister
12:01 29.02.2024 (Updated: 12:03 29.02.2024) Last week, the US Treasury designated Russian shipping company Sovcomflot and 14 vessels for flouting the price cap. Reportedly, vessels supplying Russian oil to India have been affected.
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri has said that India doesn't feel any pressure because of the G7 price cap on Russian oil.
"When it comes to energy, it is very interesting... Crude oil flowing in a pipeline from Russia to Hungary was exempt. Crude oil flowing from Russia to China through a pipeline was exempt.Crude oil being sold to Japan from Sakhalin was exempt. And for the rest of the world, they wanted to put a price cap. But you know, welcome to an inventive India. We said thank you very much. We will pay that," Puri said during an address at Karnataka's REVA University on Wednesday evening.
The Indian minister remarked that Prime Minister Narendra Modi didn't feel the pressure by the western countries to follow the $60 per barrel price cap.
"We are in a situation today. Somebody asked me, don't you feel the pressure of these things sometimes? I said I was fortunate to work for a Prime Minister whose mind isn't wired to feel any pressure," Puri asserted.
In a social media post, Puri highlighted that India was the only major economy in the world where
fuel prices hadn't gone up in the last two years.
"It's a testament to our resilience and adaptability in overcoming obstacles. When it comes to global energy supply chains, some decisions were intriguing... India embraced the challenge and found its own solutions and contributed to global good in the process, ensuring that we are the only major economy where fuel prices have not gone up in the last two years," underlined the petroleum minister.
New Delhi has refused to buckle under western pressure to cut down its oil purchases from Russia since 2022. Instead, since last year, Russia has
fortified its position as the top supplier of crude to India, replacing New Delhi's traditional suppliers in the Middle-East.
