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The official mentioned the US has not sanctioned any Indian entity both for dealing in Russian oil.
“You will need to us to maintain the oil provide in the marketplace. However what we wish to do is restrict Putin’s revenue from it,” Eric Van Nostrand, the US Treasury’s assistant secretary for financial coverage, mentioned in Delhi whereas addressing a gathering on the Ananta Aspen Centre, a public coverage physique.
Nostrand mentioned consumers can buy Russian oil at deeper reductions outdoors of the worth cap mechanism if they don’t use Western companies comparable to insurance coverage and broking, thus limiting Russia’s gross sales avenues.
Russia has been utilizing its personal fleet and insurance coverage to provide crude oil to numerous international locations.
Anna Morris, performing assistant secretary for terror financing on the US Treasury, who additionally spoke on the event, mentioned G7 nations had the choice to overview the worth cap relying on market circumstances or different components.On sale of refined merchandise produced from Russian oil to Western nations, Morris mentioned that may not breach the sanctions.”As soon as Russian oil is refined, from a technical perspective it’s not Russian oil. Whether it is refined in a rustic after which despatched ahead, from a sanctions perspective that’s an import from the nation of buy. It isn’t an import from Russia,” Morris mentioned.
India had conveyed to the US that it could proceed to buy Russian oil for its personal power wants and to stop a surge in world oil costs, mentioned folks conscious of the matter.
Nostrand mentioned the sanctions have been meant to restrict the choices out there to Russia to promote its oil underneath the worth cap, supply deeper reductions to consumers in the event that they circumvented Western companies and to close its oil wells.
The worth cap imposed by the G7, the European Union and Australia bans using Western maritime companies and flagging the transportation when tankers carry Russian oil priced at or above $60 a barrel.
