Russia’s Price Cap Retaliation Could Boost India’s Oil Imports

The crude oil export ban for countries implementing the G7 price cap that Russia announced this week could stimulate more exports to India, the Economic Times has reported, citing Indian industry executives. Earlier this week, President Vladimir Putin said Russia will stop selling crude to any buyer that includes a price cap clause in the contract. The decree will become effective on February 1 and will also cover oil products. Putin, however, added exceptions could be made in special cases. Russia’s response to the price cap was described…