India to Sacrifice for Peace and Economic Stability

by Olha Povaliaieva
Wednesday, September 7, 2022
India to Sacrifice for Peace and Economic Stability

India is ready to set a ceiling on oil prices from Russia or completely abandon it

Last week, the G7 agreed to set limits on Russian oil prices. The G7 leaders also called on China and India to join the treaty.

China refused to consider such a proposal. A spokesman for the Chinese foreign Ministry, Mao Ning, said that the government was against introducing such a mechanism. In his view, the dialogue was needed to stabilize the market. It is as if China does not see such restrictions preventing the war's continuation.

India reacted differently to the G7 proposal. At first, the Indian government refused US representatives to join in setting a ceiling on Russian oil prices. However, later, citing Indian officials, the Financial Times reported New Delhi's willingness to consider a complete rejection of Russian oil. Note that India itself does not want to give up oil. But recalls that Russia threatens to stop oil exports if a price ceiling is set. India was, therefore, prepared to join the new mechanism of the G7 on one condition. Fulfilment of this condition should immediately relieve the country from disconnection from Russian deliveries. India is expected to take the risk if it is assured of oil supplies from Venezuela and Iran.

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