G7 Oil Price Cap On Russia Oil

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, U.S. Treasury Deputy Secretary Wally Adeyemo said on Friday.

India buying oil from Russia amid the war in Ukraine is "perfectly fine" as G7 nations and their allies have agreed on a price cap on Russian oil, the International Monetary Fund's (IMF) First Deputy Managing Director Gita Gopinath told NDTV.

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies.

Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to the destruction of Russia's economy.

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports.

The Group of Seven (G7) nations' proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues.

Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price cap mechanism, according to sources.

U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5

G7 industrialised powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine.

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, U.S. Treasury Deputy Secretary Wally Adeyemo said on Friday.

India buying oil from Russia amid the war in Ukraine is "perfectly fine" as G7 nations and their allies have agreed on a price cap on Russian oil, the International Monetary Fund's (IMF) First Deputy Managing Director Gita Gopinath told NDTV.

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies.

Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to the destruction of Russia's economy.

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports.

The Group of Seven (G7) nations' proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues.

Indian refiners are wary of buying Russia crude oil loading after Dec. 5 when European Union sanctions take effect, pending clarity on the proposed G7 price cap mechanism, according to sources.

U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5

G7 industrialised powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine.