India to examine Russia oil price cap as refiners line up Dec crude buys

India has emerged as Russia's second biggest oil client after China as some western entities shunned purchases form Moscow following its late February invasion of Ukraine

India said on Wednesday it will examine a proposal by Western nations to impose a price cap on Russian oil purchases, even as some local refiners have lined up Russian cargoes for delivery post Dec. 5, when the cap is set to take effect.
 

The Group of Seven richest economies (G7) has been trying to enforce a price-capping mechanism on Russian oil exports by Dec 5, when European Union sanctions banning seaborne imports of Russian crude come into force.
 

"I think there is an exemption for Japan for Sakhalin, then there is crude which comes through the pipeline, so they