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

17 days ago Yahoo Finance

US Treasury Secretary Janet Yellen said G7's price cap on Russian oil will limit Moscow's energy revenue even if there's demand. Brendan Smialowski/AFP via Getty ImagesIndia can buy as much Russian oil as it likes, US Treasury Secretary Yellen told Reuters. 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. Despite India's proclivities towards Russian oil, Yellen appeared to be confident that Indian wouldn't find many substitutes for Western insurance, finance and maritime services. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China.
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