- India will look at the West's Russian oil price cap proposal.
- Sources told Reuters top refineries are scheduling shipments of crude for after the price cap would kick in.
India's oil minister Hardeep Singh Puri said on Wednesday that India would examine the plan to cap Russian oil prices, but sources familiar with the matter said major refineries in the country have already secured shipments of Russian crude past December 5, when the price cap is expected to take effect, according to Reuters.
Indian Oil Corporation, the country's top oil refiner, has already secured three to four shipments of Russian oil after December 5. Bharat Petroleum Corporation, another major refinery, is also securing shipments in December, sources told Reuters.
The price cap on Russian crude was proposed this summer by G7 nations, with the intention of lowering Moscow's war revenue. A US Treasury official said earlier this month that talks with China and India on the price cap have been "positive," and the measure would give more nations negotiating power with suppliers on prices.
But some experts remain skeptical, as China and India have been snapping up Russian crude at major discounts since the invasion of Ukraine, and the price cap would likely need their support.
Puri also suggested there could be "exemptions" on the price cap, when asked if India would adhere to the measure.
"I think there is an exemption for Japan for Sakhalin, then there is crude which comes through the pipeline, so they have exemptions … we will have to look at it," Puri said.
India is Russia's second-top oil customer, and is expected to have a major influence on Russia's decision to accept the price cap. But Russia has been clear they would retaliate against the measure and refuse to sell to any country that agrees to the price cap, while offering even steeper discounts to Asian buyers.