In an effort to manage global oil supplies amidst the Ukraine conflict, the United States has clarified its position regarding India’s purchase of Russian oil. According to US treasury officials, the objective of the sanctions and the $60 per barrel price cap imposed by the G7 is to ensure stable oil supplies globally while limiting Moscow’s revenues.
The United States, in alignment with the G7-imposed price cap, has said that it has not requested India to cease its purchase of Russian oil. This comes amidst the backdrop of India emerging as a leading buyer of Russian oil following the imposition of sanctions by Western nations in response to Moscow’s military actions in Ukraine.
GS 2 . Source: TOI
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