• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. India will benefit from price cap on Russian oil: US treasury
US & Canada

India will benefit from price cap on Russian oil: US treasury

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Nov 2022 14:02

Ever since Russia's special military operation in Ukraine started, India has never stood by the sanctions imposed by the West. 

  • US Treasury Secretary Janet Yellen Jannet Yellen with India's Minister of Finance Nirmala Sitharaman. Via Twitter (@SecYellen)
    US Treasury Secretary Janet Yellen with India's Minister of Finance Nirmala Sitharaman (via Twitter (@SecYellen))

US Treasury Secretary Janet Yellen said prior to her visit to India this week that the US hopes India will benefit from the price cap on Russian oil as it already stands to take advantage of it.

The remarks were delivered in light of the G7's recent decision to cap the prices of Russian oil in an effort to prevent Russia from profiteering from its oil revenues. 

The cap is scheduled to be implemented in full force from December 5 on sea-borne oil shipments, with a second cap on oil products from February 5.

Ever since Russia's special military operation in Ukraine started, India has never stood by the sanctions imposed by the West. 

Furthermore, the country, which is the third-biggest importer of oil worldwide and Russia's second-largest oil customer after China, has well benefited from discounted Russian oil despite criticism from the West. 

"If they want to use Western financial services like insurance, the price cap would apply to their purchases," Yellen was quoted as saying by sources.

"But even if they use other financial services, we believe the price cap will give them leverage to negotiate good discounts from world markets. We would hope to see India benefiting from this programme."

The US secretary landed in India today to take part in the US-India Economic and Financial Partnership.

She met with Finance Minister Nirmala Sitharaman and discussed India's assumption of the G20 presidency.

I thank Minister Sitharaman for her welcome to India. We had the opportunity to discuss our shared economic interests and how we can work together in the coming year to face global headwinds and address common priorities. pic.twitter.com/JySpRZu2wJ

— Secretary Janet Yellen (@SecYellen) November 11, 2022

Her next destination is Bali, Indonesia, where she will be engaging in joint meetings of the G20 finance and health ministers before joining President Joe Biden at a G20 summit there on November 15 and 16.

I conclude my trip with a warm welcome of India's assumption of the G20 presidency next month. We will continue our work to drive inclusive growth, address spillovers from the COVID-19 pandemic, and uphold the rules-based international order as the world’s largest democracies. pic.twitter.com/MdXHvzQNdA

— Secretary Janet Yellen (@SecYellen) November 11, 2022

Read more: US, China Presidents to meet in Bali Nov. 14 on regional, world issues

  • Russian oil
  • India
  • Janet Yellen
  • Price cap

Trending Now

All
price cap

G7, Australia agree to fixed cap on Russian oil: Reuters

Most Read

US dollar may lose status as global reserve currency: Yellen

US dollar may lose status as global reserve currency: Yellen

  • US & Canada
  • 22 Mar
Rallies held in Washington DC to protest US militarism

Peace rallies held in Washington DC to protest US militarism

  • US & Canada
  • 18 Mar
Poland

Poland may end up 'joining' Ukraine war: Polish Ambassador to France

  • Europe
  • 20 Mar
Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

  • Analysis
  • 19 Mar

Read this

All
Gas flares are seen at the Rumaila oil refinery, near the city of Basra, 550 kilometers (340 miles) southeast of Baghdad, Iraq, November 9, 2009 (AP)
MENA

BP made billions from British invasion of Iraq: Declassified UK

  • Today
Experts warn of health risks as UK vowed to supply Kiev uranium shells
Europe

Experts warn of health risks as UK vowed to supply Kiev uranium shells

  • Today
US backing bipartisan severe corruption in Iraqi Kurdistan: FP
MENA

US backing bipartisan severe corruption in Iraqi Kurdistan region: FP

  • 23 Mar
China able to change world order, US must fight Beijing in Africa
Africa

China is able to change world order, US must fight in Africa: CENTCOM

  • 23 Mar
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS