After the US failed to convince India to shun or cut use of Russian oil, the Biden administration has come up with a new plan against Putin. According to Bloomberg, the US will urge India & Japan to back its price cap on Russian oil plans at the Sydney Energy Forum. The decision to limit Russia's oil revenue was reportedly made during the G7 meet last month. G7 plans to cap prices by banning insurance & transportation services needed to ship Russian crude unless the oil is purchased below an agreed price. The seven nations bloc intends to cap the price on Russian oil at $40 to $60 a barrel. All eyes now on whether India will accept West's request or give it a pass again. Watch this report to know more.
