Russia said on Friday that it will stop supplying oil to the global market if the price ceiling proposed by the G-7 countries is not fair. If we consider that the prices are not fair and unacceptable to us, we would simply stop supplying oil to the global markets and to those countries that join the US initiative on the price cap,” Russian Ambassador to India Denis Alipov said at a press conference here. He said that Russia will not follow any mechanism harmful to its trade interests.
With Western sanctions having little impact on Russia, G-7 countries and the European Union have proposed capping oil prices for Russian crude and refined products to limit the Kremlin’s revenue. Earlier this month, a statement issued by G-7 finance ministers said the price cap was specifically designed to reduce Russia’s income and its ability to finance the war in Ukraine.
Alipov said that the price ceiling will lead to an acute shortage of oil on world markets and the price will rise sharply. The US has asked India to join a coalition aimed at curbing Russian oil prices, but Delhi said it would “carefully examine” the proposal before taking any decision. So far, India is cautious about this idea. It will not be beneficial to India’s interest,” Alipov said, acknowledging that India will pursue its own interest if such a move is implemented.
Asked about Prime Minister Narendra Modi’s appeal to Russian President Vladimir Putin to stop fighting in Ukraine, Alipov said the remarks were in line with India’s position on the issue. The West uses only the quotes that suit it while ignoring the other parts,” he said.
During a meeting with Putin in Samarkand, Modi told the Russian leader that “today’s era is not one of war”, remarks that some world leaders saw as a public rebuke. Regarding reports that Pakistan was transferring weapons to Ukraine, Alipov said that if such deliveries were to take place, it would have a negative impact on Russia’s relations with Pakistan. So far, there have been such unconfirmed reports. I don’t know about the facts. If this is confirmed, it will have an impact on our relations with Pakistan, there is no doubt about that,” the Russian envoy said.
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