The US Deputy Secretary of the Treasury Wale Adamu has said that there have been constructive negotiations with India regarding the determin...
The US Deputy Secretary of the Treasury Wale Adamu has said that there have been constructive negotiations with India regarding the determination of Russian oil prices in an effort to gain international support for limiting Russia's investment.
According to the foreign news agency Reuters, after the attack on Ukraine, China and India started buying oil from Russia at a low price at a time when global inflation reached its highest level in years due to Western sanctions. And the revenues of European and American companies linked to the Russian oil trade were hurting.
Read more: US Sanctions on Russian Banks and President Putin's Children
Seven of the world's richest countries are trying to fix a mechanism for determining the price of Russian crude oil by December 5, when the European Union ban on sea imports of Russian oil will be implemented.
Speaking to reporters in India, the US Deputy Secretary of the Treasury, Wale Ademu, said, "I have had constructive discussions with my Indian counterpart on the pricing proposal, as well as discussions with private sector stakeholders in India." Is.
Also Read: India's oil purchase from Russia not a violation of sanctions, US
He said that the purpose of setting Russian oil prices is to weaken Moscow's oil revenues, which it spends on the ongoing war in Ukraine, while ensuring the supply of oil at a reasonable price globally.
He added that the proposal would allow European, US and Western countries from around the world to purchase and move Russian crude oil.
Read more: US and UK impose ban on oil imports from Russia
The Secretary for Finance Wale Ademu said that inflation is among the priorities of the United States and they want to ensure adequate supply of oil to the global markets.
"We are very concerned come December 5th because we will be at a point where access to Russian crude oil to the world will be reduced and possibly lead to higher prices," he said.
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