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India Isn’t Expected to Stop Russian Oil Imports, US Official Says
The US never expected India to stop importing Russian oil as it’s in Washington’s interest to keep energy flowing to prevent any supply shocks caused by the Ukraine war, US Treasury Assistant Secretary for Economic Policy Eric Van Nostrand said. “What the sanction regime intends to do is to reduce Putin’s revenue,” Van Nostrand said on Thursday at an event in New Delhi. Russian oil will no longer be the same product once processed in refineries, and therefore not a target for penalties. The trading of Russian oil is currently restricted by a strategy employed by the Group of Seven, which involves a ... (full story)