US Believes China, India Could Support Russia Oil Price Cap to Get EU to Follow Suit

WASHINGTON (Sputnik) - The United States believes that China and India, two countries who are major buyers of Russian oil, could be a part of the proposed oil price cap and their participation can persuade the European Union to also adopt the measure, US Deputy Assistant Secretary for Economic and Business Affairs Erik Woodhouse said on Wednesday.

“Obviously, China and India are important purchasers of Russian oil. I can say that we've been [talking] most intensively with partners and allies to help design a proposal," Woodhouse said during a press briefing. "Perhaps this can work, as well as outreach to countries that we would like to see participate or otherwise support the price gap."

Deputy Assistant Secretary for European and Eurasian Affairs Molly Montgomery said during the briefing that the main intent of the Russian oil price cap is to pay less for energy and have a more stable global oil market.

Earlier on Wednesday, National Security Adviser Jake Sullivan said that the proposed plan on a price cap on Russian oil will take time because of the sheer number of elements that have to be worked through, but the United States has already been engaging with a number of key oil consuming countries, including China and India.

During the Group of Seven (G7) meeting in Germany on June 28-30, the leaders of the seven most economically advanced countries issued a communique saying that the oil price cap scheme could be implemented through the options such as allowing Russian seaborne crude oil and petroleum products to be shipped worldwide only if they are purchased at or below an agreed price threshold.