Russia offers to help India deal with cap on oil prices

Russia has offered help to India to deal with the cap on Russian crude oil prices set by Western countries. Russia's Deputy Prime Minister Alexander Novak has offered India cooperation in building and leasing large-capacity vessels to avoid relying on insurance services and hiring tankers in the European Union and Britain. Novak met India's Ambassador to Russia Pavan Kapoor on Friday, according to a statement.

Crude oil prices are $60 per barrel

According to the statement, exports from Russia to India were to increase to 1.635 tonnes during the first eight months of the year 2022 and reached second place in terms of shipments sent to India in the summer. The G-7 countries, the European Union, and Australia last week agreed to fix sea-borne crude oil prices at $60 a barrel as part of sanctions on Russia.

Along with this, Russia has welcomed India's decision not to support the G-7 and its allies in this matter. During the meeting with Kapoor, Novak stressed that Russia is responsibly fulfilling its contractual obligations to supply fuel.

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