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The US has not requested India to limit its imports of Russian oil, according to an American Treasury official, noting that Russian oil processed in India is not officially Russian oil. According to the official, no Indian company has been sanctioned by the US for dealing with Russian oil.
"We believe it is critical to maintain the market supply of oil. However, our goal is to curtail Putin's earnings from it," US Treasury Assistant Secretary for Economic Policy Eric Van Nostrand said in Delhi during a meeting held at the public policy organisation Ananta Aspen Centre.
Nostrand said buyers can purchase Russian oil at deeper discounts outside the price cap mechanism if they do not use Western services such as insurance and broking, thus limiting Russia's sales avenues. Russia has used its own fleet and insurance to supply crude oil to various countries.
People aware of the matter said India had conveyed to the US that it would continue to purchase Russian oil for its own energy needs and to prevent a surge in global oil prices.
Nostrand said the sanctions were intended to limit the options available to Russia to sell its oil under the price cap, offer deeper discounts to buyers if they circumvented Western services, and shut its oil wells.
The price cap imposed by the G7, the European Union and Australia bans the use of Western maritime services and flags transportation when tankers carry Russian oil priced at or above $60 a barrel.
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