The United States confirmed on Wednesday that it was not planning to impose any sanctions on India, amid the fact that New Delhi criticized record-high Russian oil exports despite the European Union and the West imposing price caps on energy resources. Did. The energy security agenda that India and the US were working on was “especially important”, according to a statement issued by US Assistant Secretary of Energy Geoffrey Piatt, given that Russian President Vladimir Putin has disrupted global energy in previous years. done to do. Market.
EU, G7 partners agree on price cap on Russian petroleum products
Notably, both the EU and the US last week adopted further price caps for offshore Russian petroleum products, including diesel and fuel oil. According to the President of the European Commission, Ursula von der Leyen, two price levels were set for Russian petroleum products: one for “premium-to-crude” petroleum products, such as diesel, kerosene and gasoline, and the other for “rebate”. “Two-to-crude” petroleum products, such as fuel oil and naphtha, reflect market dynamics. Premium-to-crude products will have a maximum price of $100 per barrel and discount-to-crude will have a maximum price of $45 per barrel The Price Cap Coalition is made up of Australia, Canada, the European Union, Japan, the UK and the US.
America claims that all the targets have been met
Despite immense pressure from the West, New Delhi has adopted no price cap and is, in fact, exporting more oil to Moscow at a more subsidized rate. Talking about India’s tough decision, the US official underlined that the main goal of disrupting Moscow’s energy sector was achieved, noting the fact that New Delhi was exporting oil at a very low cost. Is. “Even though India is not a participant in the price cap, it has effectively used its negotiating leverage from the price cap and the fact that large parts of the global market are no longer accessible to Russia, of Russian crude oil to reduce,” he said. “It is a benefit for India and the Indian economy. It also helps further our twin goals of stabilizing the global market and depriving the Kremlin of resources,” he said.
Ukraine urges US to impose sanctions on India
In addition, US Assistant Secretary of State for European and Eurasian Affairs Karen Donfried confirmed in a statement that the Pentagon was not considering imposing any sanctions on India for its purchase of Russian oil. In fact, he insisted that relations with India are of paramount importance to the US as well.
“We are not looking to impose sanctions on India. Our partnership with India is one of our most consequential relations,” Donfried said after a Ukrainian lawmaker urged the US to impose sanctions on India if it Continues to buy Russian energy.
India imports 85% of its crude oil requirement.
Significantly, India is the third largest oil consuming and importing country in the world. It imports 85 per cent of its crude oil requirement. Crude oil is converted into fuels such as petrol and diesel in refineries. However, since war broke out between Russia and its neighboring country last year, the West and Europe have imposed tighter sanctions on its energy. This resulted in Russia offering more concessions to its oldest ally India.