Russia on Friday mentioned it could cease supplying oil to the worldwide market if the worth cap proposed by G-7 international locations was not truthful.
IMAGE: Prime Minister Narendra Modi holds talks with Russian President Vladimir Putin on the sidelines of the twenty second Meeting of the Council of Heads of State of the Shanghai Cooperation Organization, in Samarkand. Photograph: @PMOIndia/Twitter
“If we contemplate the costs usually are not truthful and unacceptable to us, we might merely cease supplying the oil to world markets and to these international locations that be part of the US initiative on the worth cap,” Russia’s Ambassador to India Denis Alipov mentioned at a press convention right here.
He mentioned Russia wouldn’t observe any mechanism detrimental to its commerce pursuits.
With sanctions imposed by western nations making scant influence on Russia, the G-7 international locations and the European Union have mooted an oil value cap on Russian crude and refined merchandise to restrict Kremlin’s revenues.
Earlier this month, an announcement issued by G-7 Finance Ministers mentioned the worth cap was particularly designed to scale back Russian revenues and its potential to fund the Ukraine battle.
Alipov mentioned the worth cap will lead to acute scarcity of oil within the world markets and the worth would sharply go up.
The US has requested India to be part of the coalition to cap the costs of Russian oil, however New Delhi has mentioned it could “fastidiously study” the proposal earlier than taking any choice.
“India has to date taken a cautious method to this concept. It is not going to be useful to Indian curiosity,” Alipov mentioned, acknowledging that India would pursue its personal curiosity if such a step will get carried out.
Asked about Prime Minister Narendra Modi’s attraction to Russian President Vladimir Putin on cessation of hostilities in Ukraine, Alipov mentioned the remarks have been according to India’s place on the problem.
“The West uses solely these quotes that suit them whereas ignoring different elements,” he mentioned.
During a gathering with Putin in Samarkand, Modi had advised the Russian chief that “right now’s period just isn’t of battle”, remarks that have been seen by a piece of world leaders as a public rebuke.
On studies about Pakistan transferring arms to Ukraine, Alipov mentioned if such deliveries have taken place it could have a unfavorable influence on Russia’s relations with Pakistan.
“As of now there have been such unconfirmed studies. I have no idea concerning the info. If there’s a affirmation of this there can be an influence on our relationships with Pakistan there isn’t a doubt about that,” the Russian envoy mentioned.