Alexey Gromov, Principal Director on Energy studies of the Institute for Energy and Finance, commented on Kommersant FM on the discussion by the G7 countries of the possibility to lower the price cap for Russian oil.
According to Alexey Gromov, if this happens, some countries may significantly reduce the volume of purchases of Russian oil:
"The whole story associated with talks about lowering the price cap for Russian oil is really fraught with some danger.
If the mechanisms that are constantly being improved by Western countries, especially in terms of control, are scaled up, then several significant buyers of Russian "black gold" can significantly reduce its purchases. Among such countries, India is first of all worth noting. We are alarmed to see that India is increasingly abandoning at least premium grades of Russian oil, which have traditionally been sold knowingly above the price ceiling of $60 per barrel.
So far, China buys unclaimed shipments of Russian premium oil instead of India, but if the volume of refusals increases, then China will not be able to absorb all this oil."

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