An official announcement revealed that two senior US Treasury officials are currently in India to emphasize the importance of maintaining the implementation of the oil price cap, which aims to limit profits to Russia while ensuring stability in global energy markets.
According to a statement released on Wednesday, Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are setting out on a trip to New Delhi and Mumbai from April 2-5. During their visit, they are scheduled to engage with government officials and representatives from the private sector.
The discussions will cover various bilateral issues, including cooperation on anti-money laundering efforts, countering the financing of terrorism, and addressing other illicit finance concerns. Additionally, the officials will focus on the continued implementation of the price cap, which aims to restrict the profits Russia earns from its oil exports, particularly in the context of Russia's illegal invasion of Ukraine.
They are scheduled to deliver remarks on the price cap and participate in a Q&A session organized by the Ananta Aspen Centre in New Delhi on Thursday.
The statement emphasized the effectiveness of the second phase of the price cap, noting its success in limiting Russia's oil profits while supporting stability in energy markets. The declining price of Russian oil and the widening discount relative to other global suppliers have been attributed to the enforcement activities associated with the second phase of the price cap.
The implementation of the price cap has contributed to maintaining a steady energy supply globally, providing key importers like India with more leverage in negotiations.
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