India reportedly not eager to participate in global initiative to cap price of Russian oil - news outlet

NEW DELHI. Oct 19 (Interfax) - India is not inclined to joining the global initiative to impose a price cap on Russian oil, since it is getting big discounts on crude shipments from Russia, Indian news outlet Live Mint, citing sources, reported.

India is the world's third largest oil importer and its position could affect the effectiveness of the price cap.

"Overall, the initiative being pitched by the U.S. is positive for India. On the other hand, Russia has threatened to stop supplies to anyone participating in this plan. That doesn't leave us anywhere. In that case, why would we want to be part of it? The deal here is that we have to balance our interests," a government official said on condition of anonymity, Live Mint reported.

G7 countries approved a plan in September to impose a price cap on Russian oil with the aim of restricting Russia's budget revenues from the sale of energy resources. Starting December 5, western companies will be able to service and insure tankers carrying Russian oil throughout the world that is exempt from embargo only if it is purchased for a purchase that is lower than a certain ceiling. Similar restrictions will go into effect for oil products on February 5, 2023.