After the war between Russia and Ukraine, many Western countries, including the US, have imposed strict ristrictions on Russia. Because of this, Russia has reduced the supply of oil and gas to European countries. Russian Ambassador Denis Alipov said this in a press conference that if the price cap offered by 7 countries is not fair for us and we do not accept it, then we will stop the supply of oil in the global market. Along with that, he said that we will stop giving oil to the countries that support America in setting the price limit.
The US has also asked India to be a part of the group that decides the prices of Russian petroleum products. But India has said that it will take a decision only after ‘carefully examining’ the proposal. Russian Ambassador Alipov said that India has so far taken a cautious approach to the proposal to fix oil prices.
Last month, Alipov had said that Western sanctions on Russia had no effect on India-Russia trade. Alipov said that the trade between the two countries stood at $11.1 billion in the first six months of this year, while in 2021 the trade between the two countries was about $13 billion. According to a Bloomberg report, in June, Russia overtook Saudi Arabia to become the second largest supplier of oil to India.India imports 85 per cent of its share to meet its oil requirements. India has got some relief on the economic front by getting oil from Russia at a cheap price.