India says it will look carefully at Russian oil price cap, rejects moral duty to boycott Moscow

Indian Petroleum Minister Shri Hardeep Singh Puri connected Monday said the state volition cautiously measure whether to enactment a G-7 connection to enforce a headdress connected the terms of Russian oil.

"There are galore conversations going connected owed to a ample fig of factors," Puri told CNBC's Hadley Gamble astatine Gastech 2022 successful Milan, Italy.

Asked whether India would motion up to the G-7 connection to enactment a terms headdress connected Russian oil, Puri said the satellite system was inactive adjusting to the interaction of the coronavirus pandemic and Russia's penetration of Ukraine.

"Now, what volition the connection mean? We volition look astatine it precise carefully," helium said.

Puri added that it was inactive unclear which countries would instrumentality portion successful the projected terms headdress connected Russian lipid and what the imaginable implications could mean for vigor markets.

Finance ministers representing the G-7 countries connected Friday agreed connected a program to instrumentality a price-capping mechanics for Russian lipid exports.

The inaugural is designed to curtail the Kremlin's quality to money its onslaught successful Ukraine and amended support consumers amid soaring vigor prices.

Energy analysts person been highly skeptical astir the integrity of the proposal, however, informing that the argumentation could backfire if cardinal consumers specified arsenic China and India are not involved.

China and India person accrued their purchases of Russian lipid pursuing the Kremlin's penetration of Ukraine, benefiting from discounted rates.

Puri said India consumes astir 5 cardinal barrels of lipid per time and this mostly comes from Iraq, Saudi Arabia, Kuwait and the United Arab Emirates.

Russia accounted for conscionable 0.2% of India's lipid imports astatine the extremity of March, Puri said, noting that immoderate criticized India for expanding its proviso of Russian lipid pursuing the Kremlin's invasion.

"I said the Europeans bargain much successful 1 day than I bash successful a quarter. I'd beryllium amazed if that is not the information still. But yes we volition bargain from Russia, we volition bargain from wherever," Puri said.

Asked whether helium had a motivation struggle with buying Russian lipid amid the Kremlin's onslaught successful Ukraine, Puri replied, "No, there's nary conflict. I person a motivation work to my consumer. Do I arsenic a democratically elected authorities privation a concern wherever the petrol pump runs dry? Look astatine what is happening in countries astir India."

The EU has called connected China and India to instrumentality portion successful the G-7 initiative to trim the profits that Russia makes from selling oil.

Europe's Energy Commissioner Kadri Simson told CNBC's Silvia Amaro connected Saturday that China and India "are consenting to bargain Russian lipid products portion excusing themselves that this is important for their information of supply. But it is unfair to wage excess revenues to Russia."

It is not yet wide however the G-7 volition instrumentality its price-capping plan. The details are expected to beryllium ironed retired earlier aboriginal December erstwhile EU sanctions connected seaborne imports of Russian crude footwear in.

The G-7 is comprised of the U.S., Canada, France, Germany, Italy, the U.K. and Japan.

Russia connected Monday vowed to instrumentality retaliatory measures implicit the connection and says it volition halt selling lipid to countries that enforce terms caps connected Russian vigor exports.

French Finance Minister Bruno Le Maire told CNBC connected Saturday that efforts to present a terms headdress connected Russian lipid necessitate a wide planetary committedness to beryllium successful.

Rather than a Western-only measure, Le Maire said the inaugural should beryllium implemented arsenic a "global measurement against war."

— CNBC's Silvia Amaro contributed to this report.