Why India should not support price caps on Russian energy
- Lower export earnings from lower prices for oil exports would hurt the Russian war effort, more than infructuous attempts to cap Russian oil prices.
Prime Minister Narendra Modi has welcomed greater economic cooperation with Russia, speaking virtually at the Eastern Economic Forum on Wednesday. This virtually rules out any Indian support for a European move to cap the price of hydrocarbons from Russia. This is the right stand to take, and not just because India is importing cheap crude from Russia and India has a stake in Russian oil fields in the Sakhalin area of Russia’s far east.