India will 'benefit' from price cap on Russian oil: US Treasury Secretary Yellen

Washington: India will "benefit" from the proposed price cap on oil, Treasury Secretary Janet Yellen has said, arguing that the United States does not want Russia to "profit unduly" from the war by enjoying prices that are essentially very high due to its Ukrainian invasion.

Developing countries like India and China have been increasingly buying discounted Russian oil as global energy prices remain high and Western



nations seek to scale down their reliance on Russian energy.

“We want Russian oil to continue to supply global markets; stay on the market. But we want to make sure that Russia doesn't profit unduly from the war by enjoying prices that are essentially very high due to the war,” Yellen told PTI in an exclusive interview on Monday ahead of her trip to India later this week.