G7 Talks With India, China On Russian Oil Price Cap Positive: Report

Wednesday, 29 June 2022newsdesk

roup of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said on Tuesday, adding the two major oil consumers would have incentives to comply.

New Delhi, 29 June 2022

As per news report of NDTV, The source, speaking on condition of anonymity, said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil. Russian crude has been selling at heavy discounts of $30 to $40 per barrel compared to benchmark Brent crude prices of $110 to $120 per barrel due to Western sanctions on Moscow over its invasion of Ukraine. G7 leaders on Tuesday agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain price in an effort to reduce Moscow's revenues and deplete its war chest.

Source -NDTV