The US pressed India to join a coalition seeking to impose a price cap on Russian oil, aimed at squeezing revenue streams for Moscow and softening the global energy prices. US Deputy Secretary of Treasury Wally Adeyemo, who is on a 3-day visit to India, discussed with policy makers about economic relations between the 2 nations as well as measures to limit earnings of Russia post its invasion of Ukraine.

India snapped up discounted Russian oil that was shunned by buyers of Europe and other places post Russia’s invasion of Ukraine. With oil prices surging past USD 100/barrel mark, the US is looking at imposing some sort of price cap on Russian oil. The war has disrupted the global supply chain which has resulted in rising prices of crude oil and some food products.