Russian ambassador denies reports of India joining oil price ceiling

Media publications about India’s alleged accession to the oil price ceiling are a hoax. This statement was made by Russian Ambassador to India Denis Alipov on the air of the Soloviev Live program.

“I can say that India is not a participant in the price ceiling mechanism for Russian oil,” he stressed (quote according to RIA Novosti).

Alipov recalled that India had repeatedly expressed doubts about the effectiveness of this restriction. He added that the country “comes from its needs, and not from the desire or unwillingness of the United States.”

At the same time, the ambassador refused to disclose the price at which New Delhi buys oil from Moscow, citing a trade secret. According to him, the publication of such information “would harm both Russia and India.”

On March 12, Bloomberg, citing sources, said that India would not violate Western sanctions on Russia, including the ceiling on oil prices. According to the agency, the Indian authorities have asked banks and traders to comply with the rules. However, on March 14, a source in the Ministry of Oil and Gas of India refuted Reuters India’s compliance with the restrictions.

Commenting on the publication of a Western publication, the press secretary of the President of the Russian Federation Dmitry Peskov declaredthat Russia is guided not by news reports, but primarily by contacts with India.

The ceiling on oil prices of $60 per barrel, agreed by the EU countries, came into force on December 5, along with a ban on the supply of Russian oil by sea to the EU countries. For oil products, the restriction came into effect on February 5. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.

In response to the price ceiling, Russian President Vladimir Putin banned supplies of Russian oil and oil products to foreign companies and individuals, if the contracts directly or indirectly provide for a cap price mechanism. According to the decree, the measure is applied at all stages of deliveries to the final buyer. The ban came into force on February 1, 2023; for oil products, the date will be additionally determined by the Russian government.