In any case, India has long felt the need for an alternative crude oil supply source to west Asia.

G7's push to impose a price cap

The G7 has proposed two price caps on Russian oil, one each for crude and refined petroleum products. While the one on crude comes into effect on Dec. 05, 2022, the other goes live on Feb. 05, 2023, when the European Union bans Russian oil products.

India has said it will consider all aspects before taking a decision on it.

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