US To Let Indian Firms Buy Russian Oil Above Cap, But Without Western Services - Reports

Sumaira FH Published November 12, 2022 | 01:30 AM

US to Let Indian Firms Buy Russian Oil Above Cap, But Without Western Services - Reports

WASHINGTON (UrduPoint News / Sputnik - 12th November, 2022) US Secretary of Treasury Janet Yellen is fine with Indian companies buying Russian oil at a price above any potential price cap as long as they do it without Western services, Reuters reported on Friday.

According to Yellen, many buyers of Russian oil, including India, are reliant on Western insurance, finance, and maritime services and these are the services that they will have to give up if they want to continue buying Russian oil at a price different from the one imposed by the G7 group, the report said.

"(Private Indian companies) can also purchase oil at any price they want as long as they don't use these Western services and they find other services. And either way is fine," the report cited Yellen as saying.

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