"Modi govt feels no pressure," says minister Puri ahead of 5 December deadline on Russian oil price cap

Greater Noida: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that the incumbent government feels no pressure on an impending price cap on Russian crude oil proposed by the G-7, the group of seven advanced countries.

“We will see it when it happens. The Modi government feels no pressure. I have no fear or anxiety. The market will deal with the logistics issue if it arises. Whatever happens, will be dealt with,” Puri responded to reporters on being asked about the price cap mechanism on Russian crude oil proposed by G7 nations starting December 5. Minister Puri made the remarks at a press conference on the sidelines of World LPG Week 2022 held in Greater Noida on Wednesday.

On 2 September the G7 countries agreed to the future implementation of a price cap on oil exports from Russia to limit its largest source of income.

According to the G7 decision, transportation services such as shipping and insurance will be allowed for oil exports from Russia only if oil is purchased below or at the price cap. As per reports, G7 nations are still fine-tuning the details of the price cap ahead of the December 5 timeline.

Puri had last month in Washington after his bilateral meeting with US energy secretary Jennifer Granholm stated that the Indian government has a moral duty to provide energy to its citizens and it will continue to buy oil from wherever it has to.

In an interview with CNN, the minister had also reiterated that India is under no moral conflict to stop buying oil from Russia. Puri also defended India’s purchases stating that India only bought 0.2 per cent, not 2 per cent of Russian oil and it buys in a quarter what Europe buys in one afternoon.

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