• 'We will see when it happens'. The Modi government does not feel any pressure. I have no fear or worry,' said Union Minister of Petroleum and Natural Gas Hardeep Singh Puri
Greater Noida: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that the present government does not feel any pressure on the impending price cap on Russian crude oil proposed by the G-7, a group of seven advanced countries.
Puri replied to reporters, "When it happens, we will see. The Modi government does not feel any pressure. I have no fear or worry. If the issue of logistics arises, the market will deal with it. Whatever happens, it will be dealt with." " Asked about the price cap mechanism on Russian crude oil proposed by the G7 countries from December 5, reported ANI.
Minister Puri said this in a press conference on the occasion of World LPG Week 2022 organized in Greater Noida on Wednesday.
On 2 September, the G7 countries agreed on the future implementation of price caps on oil exports to limit the largest source of income from Russia.
What does the oil price cap mean in Russia?
The Group of Seven nations, the G7, is working to set a price cap on Russian oil. The G7 decided to impose such a price cap on Russian oil in order to limit its oil revenues. These seven countries include Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union.
The price cap is specifically designed to reduce Russia's revenue and ability to fund the war in Ukraine and to limit the impact on global energy prices, especially for low- and middle-income countries. Russia has warned that it will cut off oil supplies to any country that joins the price cap scheme.
On 2 September the finance ministers of the G7 countries proposed that oil-related service providers be allowed to transact in Russian marine oil and petroleum products only at a price ceiling or less.
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