The United States is happy for India to continue buying as much Russian oil as it wants, at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, US Treasury Secretary Janet Yellen said on Friday.
The cap would still drive global oil prices lower while curbing Russia’s revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening US-Indian economic ties.
Russia will not be able to sell as much oil as it does now once the European Union halts imports without resorting to the capped price or significant discounts from current prices, Yellen added.
“Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil,” Yellen said.
The million Dollor question is that is United State has the same standards for Pakistan, which is passing through an economic crisis.