Russian Crude oil: The US Treasury Department has praised the US sanctions imposed on Russia during the Russia-Ukraine war. Eric Van Nostrand, Secretary of Economic Policies of the Treasury Department, said that America had imposed a limit on the price of Russian oil, which has benefited many countries including India. He told that when the war with Ukraine started, America had imposed many sanctions on Russia, due to which the world stopped taking oil from Russia, India benefited the most from this.
Eric Van Nostrand said during the second round of discussion on the oil price limit that, ‘We know how important trade with Russia is for India’s economy, if there is a disruption in it, India’s economy is at stake.’ Eric said that to avoid this, the price limit has been created, the purpose of which is to reduce Putin’s revenue and maintain the oil supply in the world. Because of this step, India continued to get oil from Russia at cheap prices.
Russia forced to sell oil at low prices
The US official said that America’s price cap has proved successful in the first year. During this period, oil supply remained constant in the world and Russian oil continued to be sold at low prices. He said that due to the price limit, Russia could not sell oil to other countries. Russia has taken several steps to increase the price limit, but it has not proved effective. Eric said that strict sanctions on Russia will continue in future also. America is taking steps to reduce the price limit.
There was no oil embargo for India – America
When Eric Van Nostrand was asked whether America had asked Russia to export less oil to India? Responding to this, Eric said that there were no restrictions on any entity in India. A price limit was imposed on Russia, if anyone bought oil at a price above $60, then its ships would not get an insurance claim from America.
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