Oneindia | Ahead of Dec 5 deadline on Russian oil price cap, Puri says Modi govt feels no pressure

Nov 17,2022

The Narendra Modi led government feels no pressure on an impending price cap on Russian crude oil proposed by the G7 countries, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said. "We will see it when it happens. The Modi government feels no pressure. I have no fear or anxiety. The market will deal with the logistics issue if it arises. Whatever happens, will be dealt with," Puri told reporters on being asked about the price cap mechanism proposed by the G7 nations on Russian oil starting December 5.

He made the comments at a press conference on the sidelines of the World LPG Week 2022 held in Greater Noida on Wednesday. Jaishankar says 'buying Russian oil is to India's advantage, we will keep that going' On September 7, the G7 nations agreed to future implementation of a price cap on oil exports from Russia to limit the country's largest source of income. The G7 nations are still fine-tuning the details of the price gap ahead of the December deadline.

Last month, Puri following his meeting with US energy secretary Jennifer Granholm in Washington had said that the Indian government has a moral duty to provide energy to its citizens and will continue to buy oil from wherever it has to. In an interview with CNN, the minister also said that India is under no moral conflict to stop buying oil from Russia. He also said that India only purchased 0.2 per cent and not 2 per cent of Russian oil and it buys in a quarter what Europe buys in an afternoon. Last week External Affairs Minister said in a joint press briefing in Moscow with Russian Foreign Minister Sergey Lavrov that there is stress on the energy market created by a combination of factors. But as the world's third-largest consumer... a consumer where the level of income is not very high, it is our obligation to ensure that the Indian consumer has the best possible access to the most advantageous terms on the international market.

In that respect, the India-Russia relationship has worked to my advantage. If it works to my advantage, I would like to keep that going," Jaishankar also said. The Ukraine conflict which is on since February has had a significant impact on the global food security. This has led to a sudden increase in the prices of crude oil following sanctions by the West on Moscow. India has maintained that its oil imports will be determined by its national interests and its large consumer base.