India Has No Reason to Fear Western Sanctions on Russian Crude

NEW DELHI (Sputnik) - India is not concerned or under pressure over the impending imposition of the price cap on Russian oil proposed by the G7 countries, Indian Energy Minister Hardeep Singh Puri said.

"We will see when that happens. The government of [Indian Prime Minister Narendra] Modi does not feel any pressure. I have no fear or anxiety. The market will solve the problem with logistics if it arises. Whatever happens, they will deal with this," Puri told reporters on Wednesday when commenting on the mechanism for the price cap on Russian oil proposed by the G7 member states.

On September 2, the finance ministers of the G7 countries confirmed their intention to introduce price restrictions on Russian oil as part of the expansion of sanctions against the country. The price cap is scheduled to take effect on December 5 for crude oil and on February 5 for refined products coming from Russia.

Western countries have been seeking ways to limit Russia's income from oil and gas exports since the country launched a military operation in Ukraine on February 24. In September, the G7 finance ministers confirmed their intention to impose a price cap on Russian oil and urged all nations to support the initiative. In October, the European Union introduced the eighth package of sanctions against Moscow, which included a legislative basis for setting a price cap for maritime shipments of Russian oil to third countries.

Moscow, in turn, has pledged to altogether stop exporting Russian oil to countries that impose the price cap.