Republic World | 'No Pressure On Govt', Says Min Hardeep Puri Ahead Of Russian Oil Price Cap Deadline

Nov 17,2022

At a press conference Union minister for petroleum and natural gas Hardeep Singh Puri made a strong remark saying that the Central Government is feeling no pressure on the upcoming price cap on Russian oil that has been proposed by the G7 union. 

G7 nations, with mutual consent, agreed on the implementation of a price cap on Russia's oil exports on September 2 so as to limit its biggest source of income.

'We will see it when it happens. The PM 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,' Union Minister Puri told reporters when they asked him about his views on the price cap mechanism on Russian crude oil by G7 from December 5. He made the crisp statement at a press conference ahead of the LPG Week 2022 in Greater Noida.

G7 nations decided on a price cap on Russia's oil exports
As per the G7 nations, transportation services such as shipping and insurance will be permitted only when oil exports from Russia will be purchased below or at least at the price cap. It is learnt that the G7 nations are still working on the price cap ahead of December 5.

The Ukraine war which began in February left a serious impact on global food security and suddenly led to an increase in crude prices following western sanctions on Moscow. In a statement, India clearly said its oil imports will be based on its national interest and its huge consumer base.

Last month in Washington when Union Minister Puri held a bilateral meeting with US energy secretary Jennifer Granholm, where he clearly mentioned that it is the moral duty of India to provide energy to its people and it will continue doing so wherever possible.

'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,' External Affairs Minister  Jaishankar said last week during a joint press conference along with Russian Foreign Minister Sergey Lavrov in Moscow.blic World | 'No Pressure On Govt', Says Min Hardeep Puri Ahead Of Russian Oil Price Cap Deadline