India will tell the US that a broader consensus is needed to impose a ceiling on Russian oil

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India will seek a broader consensus before backing US-led efforts to cap the price of Russian oil, something US officials are expected to push for this week when they travel to Mumbai and New Delhi, according to the Bloomberg agency.

India, which has emerged as one of the biggest buyers of Russian oil after the Russian invasion of Ukraine, is reluctant to join the plan unless consensus is reached with all buyers, according to people familiar with the matter, who spoke on condition of anonymity.

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The effectiveness of a cap on Russian oil could depend on commitments from key customers such as China and India, which have increased purchases of Russian oil since most buyers shunned its barrels after the invasion of Ukraine.

Indian policymakers fear the cap commitment will disrupt their access to discounted Russian crude, the sources said. The world’s third-largest buyer, which imports 85% of its oil needs, has relied on cheaper Russian supplies to provide relief from inflation hovering near 7%.

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Source: Capital

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