Business Standard learned about Russia's request to India for an oil price ceiling The G7 countries proposed to

introduce a ceiling on Russian oil prices . usadiscussed this initiative with India, which statedthat carefully study it

RUSSIA has offered India to supply oil at lower prices on the condition that New Delhi refuses to support the initiative of the G7 countries to set marginal oil prices, the Indian newspaper Business Standard writes, citing unnamed officials and the Indian Foreign Ministry.

According to the publication's sources, it is assumed that "substantial discounts" on oil from Russia will be greater than those offered by Iraq in the past two months.

“In exchange, they are asking India not to support the G7 proposal. A decision on this issue will be made later, as negotiations progress with all partners, ”a spokesman for the Indian Foreign Ministry told the publication.

The US Treasury disclosed the details of the plan to limit oil prices Politics

In May, Russian crude oil for India was $16 a barrel cheaper than the average price of a $110 import basket, the newspaper writes. In June, the discount fell to $14 per barrel, and as of August it was $6 of the average price of imported oil, the publication points out.

Iraq, one of the largest suppliers of oil to India, began to "undermine" Russia's positions since the end of June, supplying several grades of crude oil, the average price per barrel of which is $9 lower than Russia's, the newspaper writes. As a result, Russia, with a share of 18.2%, fell to third place in the list of countries in terms of oil supplies to India. The first place is now occupied by Saudi Arabia (20.8%), the second - by Iraq (20.6%), the newspaper points out. In June, REUTERS wrote, citing sources, that Russia overtook Saudi Arabia in terms of supplies in May, and Iraq became the leader.

In early September, the G7 (G7: USA, CANADA, Japan, Great Britain, France, Germany and Italy) agreed to impose a price ceiling on Russian oil. The countries said in a joint statement that such a measure is designed to reduce Russia's income and its ability to finance military operations in Ukraine, as well as to reduce their impact on rising world energy prices.

You opened an account abroad and use it. What you can be fined for Pro Startuper Instructions at 46:sanctionsdid not bring down the Russian economy - 3 reasons from The Economistwhat will happen to the labor market in the fallPro You hired a relative in the company: how it can turn into a nightmarehow it can turn into a nightmare Articleshow it can turn into a nightmare Articles

Price caps have not yet been set, but they are planned to be determined by the start of the EU embargo on Russian oil, which should come into force in December. Those countries that agree to introduce it will be able to join the discussion of the price ceiling, the US Treasury said. In addition, the preliminary guidance of the American department stated that those who buy Russian oil at prices above the marginal could fall under the penalties and sanctions of the United States.

Putin responded to the ceiling on oil and gas prices with the phrase "freeze, wolf's tail" Politics

In mid-July, US Treasury Secretary Janet Yellen reported that Washington and New Delhi had held "encouraging" talks on a ceiling on Russian oil prices. A Reuters source in the US department pointed out that the Indian country has not expressed "hostility to this idea." In early September, India's Oil and Gas Minister Hardeep Singh Puri said the country would carefully consider the G7 price cap proposal.

Russia will not supply oil and oil products to companies and countries that impose price restrictions, Deputy Prime Minister Alexander Novak said. He called the Western countries' initiative "complete absurdity" and interference in market mechanisms that could lead to "destabilization of the oil industry."

President Vladimir Putin has also said that Russia will stop supplying energy to countries that make political decisions that contradict the terms of the contracts. “There are contractual obligations. Will any decisions of a political nature be made that contradict the contracts? Yes, we simply will not comply with them, ”the president said.