NEW DELHI: India will seek broader consensus before it supports US-led efforts to cap the price of Russian oil, which American officials are expected to push for this week when they travel to Mumbai and New Delhi.
The South Asian nation, which has emerged as one of the biggest buyers of Russian oil since the invasion of Ukraine, is hesitant to join the plan unless a consensus is reached with all buyers, according to people familiar with the matter, asking not to be identified because the deliberations aren’t public.
That message will likely be conveyed to US deputy treasury secretary Wally Adeyemo and his team at meetings with Indian government officials and company executives from Wednesday to Friday. His boss, Janet Yellen, and the department have led efforts to get allies on board the price cap idea, which they anticipate will starve Russia of revenues that fund its invasion of Ukraine without taking oil off the market and triggering a price spike.
