India said on Wednesday it will examine a proposal by Western nations to impose a price cap on Russian oil purchases, even as some local refiners have lined up Russian cargoes for delivery post Dec. 5, when the cap is set to take effect.
The Group of Seven richest economies (G7) has been trying to enforce a price-capping mechanism on Russian oil exports by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force.
“I think there is an exemption for Japan for Sakhalin, then there is crude which comes through the pipeline, so they have exemptions…we will have to look at it,” said India’s oil minister, Hardeep Singh Puri, when asked if India will follow the planned price cap for Russian oil.
