India can buy as much Russian oil as it wants, Yellen says. The caveat: it can't use Western insurance, finance and maritime services.

The US Treasury Secretary said that India can buy as much oil from Russia as it likes, even at prices above a G7 imposed price cap.

As long as they don't use Western services like insurance, finance, and maritime services which are bound by the price cap, Indian oil companies can purchase oil at any price they want, as long as they don't use western services.

Despite sanctions against Moscow, Russian crude oil exports to India are increasing. Russia became India's top oil supplier in October.

The relationship between India and Russia has worked to India's benefit, according to the Indian foreign minister. The country won't follow the G7 price cap mechanism, according to an anonymous official.

Despite India's proclivities towards Russian oil,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil." They will be looking for buyers. Many buyers rely on western services.

According to a report in October, the company is working on a solution as it expands its oil tanker chartering business. Smaller insurance companies, including Chinese ones, would be willing to support the sale of Russian oil even at prices above the price cap.

Russia will find it very difficult to sell all the oil that they have been selling without a reasonable price, even with the additional capacity that comes with it.

The price cap for Russian oil will come into force on December 5, but the G7 is still working on the details.

The G7 is counting on the price cap to reduce Russia's oil revenue. We're happy to have India get that bargain because Russian oil is going to be selling at a good price. "It's fine."

Since the US, the EU, and their allies imposed sanctions against Moscow for the invasion of Ukraine, the world has been struggling to replace Russian energy supply.

Germany faces an imminent energy crisis as it was reliant on Russian natural gas, but its storage capacities are currently full, according to the German energy regulator.