US Has Not Asked India To Reduce Russian Oil Imports
Photo: @AnantaAspen
India-West News Desk
WASHINGTON, DC – Eric Van Nostrand, the US Treasury Assistant Secretary for Economic Policy, who is in New Delhi, dispelled notions that the United States is pressuring India to curb its oil imports from Russia. The Indian media, in an election year, has been drumming the idea that the US is imposing its views and India has stood up to it.
Speaking at an event organized by the Ananta Centre in New Delhi, Nostrand emphasized that the US neither expects nor has it requested India to reduce its oil purchases from Russia.
Since Moscow invaded Ukraine in February 2022, Indian refiners have escalated their purchases of Russian oil. With the West reducing its dependency on Russian energy supplies, Russia began offering substantial discounts on its crude oil, a move eagerly embraced by Indian refiners. Consequently, Russia has now become New Delhi’s largest source of crude, surpassing traditional heavyweights Iraq and Saudi Arabia.
“The price cap’s goals are to limit Putin’s revenue and maintain global oil supply, essentially by creating a mechanism for India and other global consumers of oil to access Russian oil at discounted prices,” Nostrand explained during the event.
Accompanied by Assistant Secretary for Terrorist Financing and Financial Crime Anna Morris, Nostrand is currently in India to discuss various matters, including cooperation on the $60-per-barrel price cap with government officials and Indian companies.
Clarifying further, the officials highlighted that oil importers like India, not part of the price cap coalition comprising G7 countries and their allies, are not obligated by the price cap if their purchases of Russian oil do not involve any shipping or insurance services from providers in coalition countries. India, being one of the top buyers of Russian seaborne crude, holds a significant position in the global oil trade.
“The price cap is designed to leave Russia with only bad options… We want him (Putin) to choose between three bad things: selling with coalition services under the price cap, selling outside the price cap, or shutting his oil in and not putting it to market,” Nostrand elaborated.
Both Nostrand and Morris said that the price cap has proven successful thus far, achieving its objective of limiting Russia’s oil revenue without causing a global supply shock or a spike in oil prices.
Pradeep Srivastava
/
“Eric Van Nostrand, the US Treasury Assistant Secretary for Economic Policy, who is in New Delhi, dispelled notions that the United States is pressuring India to curb its oil imports from Russia. The Indian media, in an election year, has been drumming the idea that the US is imposing its views and India has stood up to it.
Speaking at an event organized by the Ananta Centre in New Delhi, Nostrand emphasized that the US neither expects nor has it requested India to reduce its oil purchases from Russia.”
I am not surprised that Indian media is spreading the rumor that India is standing up to a superpower like the US on the issue of oil imports from Russia, especially, in an election year, and, especially, if the media is pro-BJP. Sometimes the current India even talks and acts arrogantly to project strength. There is a fine line between talking and acting confidently and talking and acting over-confidently.
April 4, 2024Harilal
/
This is good. US has changed the tone and language too. Remember early 2023 US was pressuring India.
April 4, 2024Pradeep Srivastava should go back to refresh that time. US DEPARTMENT OF STATE were going around and were talking all nonsense.
Pratyush Dave
/
The foreign policy of the US is to (a) unnecessarily interfere destructively in other countries’ affairs, (b) try their very best through CIA and major money to corrupt individuals in that country, to that thwart the growth of peaceful countries, especially rapidly developing ones like India, and most of all (c) to ensure that USA stays as the only so-called top democracy in the world. USA does not give a shit about any other country, which in itself is fine, as each country should be selfish to some extent, but USA goes above and beyond to cause unrest in other countries to accomplish their selfish motives.
April 6, 2024