Russia is cutting off buyers who want a price caps on its petroleum products, so why would India and China agree to do so? From Kyle Anzalone and Connor Freeman at libertarianinstitute.org:
The White House called on India and China to implement the G7’s price restrictions on Russian oil exports. Since the West started to curb energy exports from Moscow in response to the war in Ukraine, India and China have significantly increased their imports of Russian energy. On Tuesday, Moscow and Beijing signed a new agreement to trade oil in yuan and rubles.
US Deputy Treasury Secretary Wally Adeyemo said he hopes China and India will join the G7’s price cap on Russian oil. “Our hope is that countries like China and India will join the price cap coalition, or take advantage of the price cap coalition, to lower the amount of money” that Russia makes from oil exports,” the official said on Tuesday.
Last week, the G7 announced it would set a maximum price for which Russia could sell its oil. In order for the West’s plan to work, Moscow and other countries must comply. The Kremlin reacted sharply to the announcement by indefinitely closing the Nord Stream 1 pipeline, a move which sent European gas prices skyrocketing.
The price cap is the West’s latest move in a months-long economic war with Russia. In response to Moscow’s invasion of Ukraine, President Joe Biden said he would attempt to destroy the isolated economy. So far, the sanctions regime has largely backfired as Europeans suffer with gas prices at 10 times the average and the Russian economy has fared far better than expected.