India can buy as much Russian oil as it wants, says US. Terms and conditions apply

India can buy as much Russian oil as it waThe United States said India can buy as much Russian oil as it wants if it steers clear of Western insurance, finance and maritime services bound by the ‘cap’, a US official 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 US-Indian economic ties.nts, says US. Terms and conditions apply

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, he added.

The existence of the cap would give India, China and other major buyers of Russian crude leverage to push down the price they pay to Moscow. India is Russia’s largest oil customer other than China.

“Russian oil is going to be selling at bargain prices and we’re happy to have India get that bargain or Africa or China. It’s fine,” Yellen told Reuters.

Yellen added that India and private Indian oil companies “can also purchase oil at any price they want as long as they don’t use these Western services and they find other services. And either way is fine.” His remarks came a week after External Affairs Minister S Jaishankar said that India would continue to buy Russian crude because it benefits India.