During the Russia-Ukraine war, America had imposed many sanctions on Russia to break its back. Especially the embargo on Russian oil broke his economic back and he could not earn more money for the war. America said that due to the ban on Russian oil, it was forced to sell cheap oil and countries like India were the biggest beneficiaries of this. The US said on Thursday that allowing unhindered trade in Russian oil has always been and will always be unacceptable. America said that the purpose of fixing the prices of Russian petroleum products by Western countries is to force Moscow to sell oil at lower prices.
US officials said that America has not asked India to reduce the amount of oil imported from Russia. Eric Van Nostrand, America’s Assistant Secretary of State for Economic Policy, said this during a discussion at Ananta Center. Nostrand said that while the G-7 group countries set the price of Russian oil, while it made it difficult for Russia to raise money for the war in Ukraine, it also helped in stabilizing the supply of energy in Europe and emerging markets. .
India benefits from the ban
“Emerging markets like India have benefited from Russian oil being available at lower prices than global markets,” the US official said. He said that the purpose of fixing Russian oil prices was to develop a market where Russia would supply a fixed quantity of oil at a heavily discounted rate and make minimum profits. It is noteworthy that in view of Russia’s attack on Ukraine, the G-7 group and its allied countries had fixed the prices of Russian oil in December 2022 with the aim of imposing sanctions on Moscow. (Language)
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