India and Russia held talks in Moscow on Tuesday on the continued supply of cheap Russian crude oil amid mounting concerns that the G7 advanced countries in the West could attempt to choke off the flow by setting an arbitrary price cap on Russian oil from December 5.
A price cap set by the G7 will put India in a quandary. If it violates the price cap and pays more for Russian oil, it runs the risk of inviting economic sanctions from the West.
Foreign minister S. Jaishankar met his Russian counterpart Sergei Lavrov where he reaffirmed New Delhi’s right to buy Russian oil at discounted prices as it seeks to beef up its energy security and slam the lid on inflation which is cresting above 7.4 per cent.
