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India agrees to comply with Russia sanctions and oil price cap
Original: India has agreed to comply with sanctions on imports of goods to the Russian Federation, as well as not to buy Russian o
India has agreed to comply with sanctions on imports of goods to Russia and to stop buying Russian oil priced above the Western price cap, Bloomberg reports. The move would mark a significant shift for one of Moscow's largest oil customers, which had previously purchased discounted Russian crude outside the cap framework. Observers are weighing what this means for Russia's export revenues and for India's energy supply costs.
Why now: India is one of Russia's biggest oil buyers, so its commitment to the price cap would sharply undermine Moscow's workaround for sanctions.
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