India said on Wednesday that India will look at the price cap on Russian oil proposed by the west. India is not very supportive of joining the US-led global initiative to put a cap on prices of Russian crude oil, reported Mint citing two sources.
Union Oil Minister Hardeep Singh Puri was speaking at an industry event in New Delhi when he said, "We will have a look at it."
India is the world's third-largest oil importer and the decision made will likely influence the efficacy of the price cap plan.
Russia is the second largest supplier of oil to India today. The oil supply from Russia accounts for about 20 per cent of crude oil imports.
The group of seven nations is working to set a price cap on Russian oil in order to limit its oil revenues and reduce Russia's revenues and its ability to fund the war in Ukraine. These seven nations include Canada, Germany, France, Italy, Japan, the United States, the United Kingdom and European Union.
India which benefited from Russian cheap oil is yet to take a decision. However, according to reports officials and industry executives have urged India not to participate in the price cap proposal as it will harm India's interest.
Russia has warned that it will stop oil supplies to any country that joins the price cap plan.
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