Russia proposes partnership with India in leasing and construction of large-capacity vessels

MOSCOW. Dec 9 (Interfax) - Russia welcomes India's decision not to join the price cap on Russian oil and proposes expanding cooperation on leasing and construction of large-capacity vessels, the Russian government said in a statement following a meeting between Deputy Prime Minister Alexander Novak and India's Ambassador Extraordinary and Plenipotentiary to Russia Pavan Kapoor.

Russian oil exports to India have risen to 16.35 million tonnes in 8M, and shipments of petroleum products also increased. The two sides have expressed their readiness to continue cooperation, increasing interaction in the energy commodity trading.

Separately, the Russian deputy prime minister pointed to India's refusal to join the price cap on Russian oil. "In order not to depend on the ban on tanker insurance and chartering services in the European Union and Britain, the deputy prime minister offered India cooperation in the field of leasing and construction of large-capacity vessels," the statement said.

"The introduction of a price cap on Russian oil is an anti-market measure. It disrupts supply chains and can significantly complicate the situation on global energy markets. Such non-market mechanisms disrupt the system of international trade as a whole and set a dangerous precedent in the energy market. As a result, the problem of energy poverty is exacerbated not only in the developing world, but also in developed European countries," Novak said in the report.