Commodities

India is exploring the possibility of joining the initiative of the “ceiling” of oil prices of the Russian Federation

India, given its historical ties with Russia, has not joined the West’s sanctions against Moscow, but it has not yet ruled out that it may join efforts to impose a price cap on Russian oil, US Treasury Secretary Wally Adeyemo said.

“Last weekend I was encouraged to see a message from India’s oil minister that they were considering joining,” he said on Bloomberg TV’s Balance of Power with David Westin.

Adeyemo touted US-led efforts to cap prices for Russian oil exports, which would further limit Moscow’s options going forward, Bloomberg reported.

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After a visit to India in late August, Adeyemo said that US President Joe Biden’s administration had offered India to join efforts to cap Russian oil prices, noting that Delhi had “showed great interest” in the proposal.

At the same time, according to the Economic Times, citing sources, India will consider supporting the US proposal only if supplies from countries such as Venezuela and Iran are guaranteed.

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