The US and its G7 nations aim to prevent Russia from profiting from oil after its invasion of Ukraine while ensuring that most of its oil continues to flow to global markets.
When asked how India would respond if pressured by the EU or US to halt Russian oil purchases, Puri said Modi govt feels no such pressure but also has back up plans ready.
The external affairs minister also said US knows India's position on Russian oil imports and has 'moved on', adding that the country has been 'open and honest about its interests.'
The ex-PM, who blames US for 'regime change conspiracy' in Pakistan, commended the Indian foreign minister for asking why the west wasn't questioning Europe on Russian oil imports.
Unlike EU’s approach of phased ban on 90% of Russian oil by end of year, a price cap would mean allowing countries to continue to import Russian oil but limiting the price.
While state-run refiners have recorded higher-than-usual margins in 2021-22, the margins are more for private players as they are the biggest beneficiaries of cheap Russian crude.
Basrah Medium & Heavy crude, Iraq's main exported grades, face a threat in international markets as major buyers, India & China prefer discounted Russian crude oil after Ukraine invasion.
The price of West Texas Intermediate crude has fallen to just over $105 from more than $122 earlier this month — raising hopes that pressures may ease at the gas pump.
Data collected by Centre for Research on Energy & Clean Air shows while Russia has become India’s '2nd biggest' oil source, China & Germany are its primary importers of fossil fuels.
Disenfranchisement by institutional fiat is profoundly undemocratic. The effect of the ECI's new documentary process in Bihar will tilt the scales in favour of the BJP.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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