India Has Not Committed To Buy Russian Oil Below The G7 Price Cap

India has not committed to and is not obligated to buy Russian crude oil only below the $60 price cap of the Western nations, a source at the Indian oil ministry told Reuters on Tuesday. Russia has been redirecting most of its crude oil exports to China and India since the EU and the G7 announced plans to embargo seaborne oil imports from Russia and set a price cap on the crude if it is to be shipped to third countries using Western tankers and insurers.   India does not have any agreement signed with the West to follow the G7 price cap,…