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Price of oil breaking our back: Jaishankar on oil in US

Published : Tuesday, 27 September, 2022 at 11:21 PM  Count : 1384

Price of oil breaking our back: Jaishankar on oil in US

Price of oil breaking our back: Jaishankar on oil in US

India on Tuesday aired its concern about the price cap on Russian oil, proposed by the G7 (Group of Seven industrialised nations). At a meeting with US Secretary of State Antony Blinken, Indian foreign minister S Jaishankar said, "We are a $2,000 per capita economy. We have concerns about the price of oil. The price of oil is breaking our back. This is our big concern," reported news agency ANI.

Briefing the media after the meeting, Jaishankar said the two sides had a "brief discussion" on the price cap, over which developing nations have deep concern.

European Union nations are trying to reach an accord on the contentious issue, on which it is facing resistance from several member nations. The Biden administration is trying to resist a push on the enforcement of the cap by the G7 nations. The idea is to limit Russia's revenue from oil sales as part of sanctions against it, while keeping Russian oil available in global market.

"We are working with partners so that oil revenues don't fuel the Ukrainian war," Mr Blinken said at the joint press conference.

Jaishankar is on a visit to the US for bilateral consultations with several ministers, including his counterpart Mr Blinken. The discussion, he later said, was on political coordination, and assessment on regional and global challenge.

During the bilateral talks today, the US reiterated Prime Minister Narendra Modi's comment on Ukraine conflict -- that "this is not the era for war". Citing the comment during the discussion, Mr Blinken said, "We couldn't agree more".

Earlier today, Jaishankar had a discussion with US Defence Secretary Lloyd Austin at the Pentagon.

Pointing to China's stance in the Indo-Pacific region, Mr Jaishankar said, "I do share with you that the global situation has become far more challenging this year (due to) a variety of reasons, the Indo-Pacific in particular".


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