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U.S. Applauds India's Role in Enforcing Russian Oil Price Cap, Aims to Limit Moscow's War Funding

The U.S. has not requested India to reduce its oil imports from Russia, emphasizing the importance of maintaining global oil supplies while targeting Moscow's revenue through a strategic price cap.

Overview

  • The U.S. has not requested India to reduce its Russian oil imports, emphasizing the importance of maintaining global oil supplies while limiting Russia's revenue.
  • U.S. Treasury officials praise India's role in enforcing the price cap on Russian oil, which has led to Russia selling oil at discounted rates.
  • The price cap aims to cut Russia's war funding by reducing its oil revenues, ensuring global oil markets remain well-supplied.
  • Russian oil is trading at a significant discount globally, with the price cap coalition working to limit Russia's selling options.
  • The effectiveness of the price cap is supported by actions from international refiners, including India's decision to not buy Russian oil loaded on SCF tankers.