Russian oil sold cheaper throughout the year, America praised India
- US Treasury Department appreciated US sanctions
- India is the biggest beneficiary of oil price cap: America
- Russia was forced to sell cheap oil throughout the year
The US Treasury Department has praised US sanctions imposed on Russia during the Russia-Ukraine war. Eric Van Nostrand, Economic Policy Secretary of the Treasury Department, has said that the US has curbed Russian oil prices, which has benefited many countries including India. He said that when the war with Ukraine started, America imposed many sanctions on Russia, due to which the world stopped buying oil from Russia, India benefited the most from this.
Eric Van Nostrand said during the second round of discussions on the oil price ceiling, ‘We know how important trade with Russia is for India’s economy, if there is a disruption in it, it can have a big impact on India’s economy. ‘ Eric said the price cap was imposed to prevent this, with the aim of reducing Putin’s income and maintaining the world’s oil supply. With this step, India continued to get cheaper oil from Russia.
Russia was forced to sell cheap oil
The American official said that the oil price limit imposed by America has been successful in the first year itself. Meanwhile, world oil supply remained stable and Russian oil continued to sell at low prices. He said that due to the price limit, Russia cannot sell oil to other countries. Russia made several attempts to increase the oil price limit, but these did not prove effective. Eric said that strict sanctions against Russia will continue in the future also. America is taking steps to reduce the price limit.
No oil embargo for India: America
When Eric Van Nostrand was asked whether America has asked Russia to export less oil to India? In response to this question, Eric said that there is no restriction on any unit in India. Price limits were imposed on Russia, if anyone bought oil above $60, its ships would not receive insurance claims from the US.
