Countering G7 price cap proposal, Russia offers discounted oil to India

The discounts are expected to be substantial and lower than those offered by Iraq in recent months. The third largest oil importer India has been approached by the G7 nations to support the price cap

In a bid to counter the growing clamour among the G7 nations to enforce a price cap on Russian oil, Moscow has told New Delhi it is willing to provide petroleum at even lower rates than before to India, officials said. 

“In principle, the ask in return is that India should not support the G7 (Group of Seven) proposal. A decision on this issue will be taken later following talks with all the partners," an official with the Ministry of External Affairs (MEA) said.

These “substantial discounts” will be steeper than those offered by Iraq in the past two months,