Western nations are “delighted” by India’s increasing oil imports from Russia as the aim of their action against Moscow for its Ukraine invasion was to keep oil flowing while limiting Russia’s revenue earnings, bp chief economist Spencer Dale said on Tuesday.
Western countries imposed economic sanctions against Russia after it invaded Ukraine in February last year.
With a view to restrict Moscow’s revenues, the Group of Seven (G7) coalition imposed a USD 60 per barrel price cap on seaborne Russian oil. The oil price cap bans G7 and European Union companies from providing transportation, insurance and financing services for Russian oil and oil products if they are sold above the cap.
