(Photo : MAXIM SHIPENKOV/POOL/AFP via Getty Images)
Russia, with India's refusal to enforce the G7 Price cap despite the pressure placed by western nations, has ended in bitter disappointment.
Russia has welcomed India's refusal to implement the G7 price cap that western nations placed to frustrate the slipping around of Zelensky's forces in Ukraine. The US-backed price cap comes as oil gets too expensive for Washington and its allies, who are all but almost cut off by Russia's alliances with oil-producing nations.
India Refuses To Implement G7 Oil Price Cap
Russian Deputy Prime Minister Alexander Novak gave thanks to India's Ambassador to Russia, Pavan Kapoor, on Friday, last December 9, reported Republic World.
Novak was pleased that India stood with Moscow to disappoint Washington and Brussels to no end as its vain attempt to dictate to the Kremlin in December has become a whimper. This statement was issued by the Russian Foreign Ministry in a meeting with the Indian diplomat, noted NDTV.
Furthermore, the Russian official stressed the obligation of Russia to satisfy its contractual agreements for energy supplies, and it had asserted to broaden its scope of energy supplies to the countries of the east and south, which are also heading through an energy shortage.
Through September this year, the Nations mutually voted to place penalties on Russian crude and imposed a G7 price cap on Russian oil shipments. Such a sanction was levied in reaction to Russia's 10,000-strong incursion of Ukraine.
With India's refusal and standing its ground and still importing Russian energy, not giving heed to the conflict between Russia and Kyiv, even India's Ministry of External Affairs has swatted western nations' criticisms which it threw back at them.
To date, the volume of oil that New Delhi has availed of is 16.35 tons in only the first eight months of 2022. When Brussels and Washington tried to muscle the nation these past months, they only got rebuffed in the worst way.
Russia Beats the G7 Price Cap with India's Decision
According to the records, Moscow is the second provider of oil supplies to Delhi. Also, oil and coal shipments were sent during this last summer.
Regarding oil shipments to India, Russia has been listed in the second position, and the consignments of gas and coal have expanded during the summer.
In the meeting with Kapoor, the Russian representative asked for the attendance of Hardeep Singh Puri, Minister of Petroleum and Natural Gas, to be part of the discussion. The Russian Energy Week 2023 international forum will be scheduled in Moscow during October 11-13, 2023, citing the Times of India.
In the meeting with Kapoor, several facts were encouraging for the two representatives, including boosting trade and improving bilateral partnership. These fields covered oil, petroleum by-products, LNG, charcoal, and even fertilizer for food production.
One of the key highlights of the meeting is the offer of the Russian Deputy PM to assist New Delhi with the leasing and construction of oil tankers to bypass the insurance and tanker services that are part of the ban. The ill-meaning price limit of the Group of Seven that issued the vain cap is a troublesome attempt that will impact the world's supply chains.
Moscow calls it detrimental to the energy market all over the globe and the worst idea the west ever conceived. Russia stood by India's refusal to affect a vainly forced G7 Price cap that the western nations will rue; as their energy crises spiked.
Related Article: Turkey Asking for Proof of Insurance as G7 Price Cap Sets In for Russian Oil Tankers
