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Russia will stop oil supply if G7 price cap imposed, says envoy to India Denis Alipov

The Russian ambassador said stopping supply to global markets would lead to acute shortages and surging prices.

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New Delhi: Russia will stop supplying oil to global markets when the proposed G7 oil price cap is imposed, and also to those countries which implement such a mechanism. This will lead to acute supply shortages and surging prices, Denis Alipov, Russian Ambassador to India, said Friday.

Addressing a press conference, Alipov said Moscow hopes that New Delhi will not follow such a step that is “US led”.

“I would believe that India is going to pursue its own interest if such a step (price cap) gets implemented… India has so far taken a careful approach to this idea. It will not be beneficial to Indian interest,” Alipov said.

He also said Russia would not follow any such mechanism that will be detrimental to trade.

“If we consider the prices aren’t fair and unacceptable to us, we would simply stop supplying the oil to global markets and to those countries that join the US initiative on the price cap,” the Russian envoy said.

He added, “I believe that will give rise to acute shortage (of oil) in the global markets and the price of the oil would sharply go up.”

On President Vladimir Putin’s executive order on partial mobilisation of the Russian military for Ukraine, Alipov said, “We are prepared to cease hostilities as soon as possible. But when this will happen is a hard question. I certainly do not know.

Modi ‘not an era of war’ remark is ‘consistent’

The Ambassador said recent remarks by Prime Minister Narendra Modi asking President Vladimir Putin to cease hostilities, telling him this was “not an era of war”, was nothing new but consistent with India’s stance on the Russia-Ukraine War.

Modi told this to Putin during a bilateral meeting last week held on the margins of the Shanghai Cooperation Organisation (SCO) summit in Samarkand, Uzbekistan.

“Much attention has been given to the PM’s remark but this has been India’s consistent approach… (India and Russia enjoy) an unbreakable friendship. The West uses only those quotes that suit them while ignoring other parts,” he said.

He said both leaders had a comprehensive discussion on energy and fertiliser supplies.

“Fertiliser supplies from Russia to India have increased by more than 3 per cent lately. We are ready to provide more… I don’t know what offers are made on oil purchases. These are commercial discussions,” he said.

On the delivery of S400 missiles to India, Alipov said it was not related to the Ukraine conflict.

“The deliveries are going according to schedule. If there are some delays, they do not have any connection with the hostilities going on in Ukraine. This is a propaganda by those who want to influence the defence cooperation between us,” he said.

The Russian envoy also said the sale of Kamov helicopters were also on track.


Also read: Stronger energy ties, more trade to dominate agenda when Modi meets Putin today


 

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