US to urge India, Japan to back plan for cap on Russia oil price
US energy secretary Jennifer Granholm will use talks with nations including India and Japan to rally support for a new effort aimed at capping prices for Russian oil.
Granholm is scheduled to meet with counterparts from the Quad group of nations — Australia, India, Japan and the US — during a visit to Sydney that’ll also touch on cooperation on supply of critical minerals needed for clean energy technologies.
“We want to put on the table the option of joining a buyers’ group that will have greater market power to be able to lower the price, and therefore lower the price of Russian oil and lower the profits to Putin,” Granholm said Monday in an interview in Sydney.
The strategy, raised among Group of Seven leaders last month, is to limit the revenue Moscow earns from oil exports without driving Russian cargoes off the global market.
