💰 Russia offers to help India get hold of big oil tankers so it can dodge the EU price cap rules

TL;DR

At a meeting Friday, Russia's deputy prime minister, Alexander Novak, welcomed India's decision not to go along with the price cap and put forward its offer of help to Pavan Kapoor, the Asian country's ambassador to Moscow.India, now a major buyer of Russia's oil after getting steep discounts, has resisted the efforts of the US to join the European Union, the UK and itself in the price cap measure introduced last Monday.The measure aims to limit the price of Russian crude shipments at $60-per-barrel maximum, in an effort to slash the country's revenues from crude exports and so curtail its ability to fund its ongoing war with Ukraine.Having lost its single biggest oil export market — European buyers — Moscow has turned to Asia, and it has been sending record amounts of crude to the likes of India and China.But a sticking point is a shortage of vessels able to transport large amounts of oil on voyages now taking several weeks to reach their destination, which has pushed up freight rates."

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