India can buy as much Russian oil as it wants, Yellen says. The caveat: it can't use Western insurance, finance and maritime services.

TL;DR

Indian oil companies can purchase oil at any price they want, as long as they don't use Western services like insurance, finance, and maritime services which are bound by the price cap, Yellen said, per Reuters.Concerns have been mounting over increasing Russian crude oil exports to India, despite sweeping sanctions against Moscow to curb funding for its war in Ukraine.But Yellen told Reuters that even with such additional capacity — which includes using a secretive network of ships — Russia will still "find it very difficult to sell all the oil that they have been selling without a reasonable price."The G7 is still working on details of the price cap for Russian oil, which will come into force on December 5, US State Department ambassador James O'Brien told reporters in Brussels on November 4.The world has been struggling to replace Russian energy supply since the US, the EU, and their allies started imposing hard hitting sanctions against Moscow for the invasion of Ukraine."

Like summarized versions? Support us on Patreon!