US wants India to join coalition seeking to impose a price cap on Russian crude oil

New Delhi: The US on Friday pressed India to join a coalition seeking to impose a price cap on Russian oil aimed at squeezing revenue streams for Moscow and softening the global energy prices.

US Deputy Secretary of Treasury Wally Adeyemo, who is on a three-day visit to India, discussed with policy makers about economic relations between the two nations as well as measures to limit earning of Russia post its invasion of Ukraine.

India snapped up discounted Russian oil that was shunned by buyers of Europe and other places post Russia's invasion of Ukraine. India has been guarded in its criticism of Moscow. With oil prices surging past $100/barrel mark, the US along with other G7 nations is looking at imposing some sort of price cap on Russian oil.

Adeyemo said energy and foodgrain trade by Russia has been kept out of sanctions and nations like India were free to enter into deals using any currency, including local currency.

The war has disrupted the global supply chain which has resulted in rising prices of crude oil and some food products.

"Indian policy makers are interested in learning more about joining the global price cap coalition to keep Russian fuel prices in check as it is aligned with India's objective of lowering energy prices fro consumer," Adeyemo said during an interaction with media

here.