Russia To Stop The Supply Of Oil In Global Markets, Ahead of UN Summit

Russia reacts to PM Modi remark on the "Path of Peace"

Ahead of the recent United Nations Summit, Russia said it would stop supplying oil to the global market if the price cap proposed by G-7 countries was not fair.

"If we consider the prices are not fair and unacceptable to us, we would simply stop supplying the oil to global markets and to those countries that join the US initiative on the price cap," Russia's Ambassador to India Denis Alipov said at a press conference here.

While asking about Prime Minister Narendra Modi's appeal to Russian President Vladimir Putin on cessation of hostilities in Ukraine, Denis Alipov said the remarks have been consistent with India's position on the issue.

Moreover, he said, "The West uses only those quotes that suit them while ignoring other parts."

During a meeting with Putin in Samarkand, PM Modi had told the Russian leader that "today's era is not of war", remarks that were seen by a section of world leaders as a public rebuke.

He said Russia would not follow any mechanism detrimental to its trade interests.

With sanctions imposed by western nations making a scant impact on Russia, the G-7 countries and the European Union have mooted an oil price cap on Russian crude and refined products to limit Kremlin's revenues.

Previously, this month, a statement issued by G-7 Finance Ministers said the price cap was specifically designed to reduce Russian revenues and its ability to fund the Ukraine war.

Mr Alipov said the price cap will lead to an acute shortage of oil in the global markets and the price would sharply go up.

The US has asked India to join the coalition to cap the prices of Russian oil, but New Delhi has said it would "carefully examine" the proposal before taking any decision.

"India has so far taken a careful approach to this idea. It will not be beneficial to Indian interest," Mr Alipov said, acknowledging that India would pursue its interest if such a step gets implemented.