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India says it will look carefully at Russian oil price cap, rejects moral duty to boycott Moscow

  • Asked whether India would sign up to the G-7 proposal to put a price cap on Russian oil, Indian Petroleum Minister Shri Hardeep Singh Puri said the world economy was still adjusting to the impact of the coronavirus pandemic and Russia's invasion of Ukraine.
  • "Now, what will the proposal mean? We will look at it very carefully," he said.
  • Finance ministers representing the G-7 countries on Friday agreed on a plan to implement a price-capping mechanism for Russian oil exports.

Oil pumping jacks operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020.Andrey Rudakov | Bloomberg | Getty Images

Indian Petroleum Minister Shri Hardeep Singh Puri on Monday said the country will carefully assess whether to support a G-7 proposal to impose a cap on the price of Russian oil.

"There are many conversations going on due to a large number of factors," Puri told CNBC's Hadley Gamble at Gastech 2022 in Milan, Italy.

Asked whether India would sign up to the G-7 proposal to put a price cap on Russian oil, Puri said the world economy was still adjusting to the impact of the coronavirus pandemic and Russia's invasion of Ukraine.

"Now, what will the proposal mean? We will look at it very carefully," he said.

Puri added that it was still unclear which countries would take part in the proposed price cap on Russian oil and what the possible implications could mean for energy markets.

Finance ministers representing the G-7 countries on Friday agreed on a plan to implement a price-capping mechanism for Russian oil exports.

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