US and Indian officials are holding consultations over the G7 plan to impose price caps on Russian oil exports, India's foreign minister Subrahmanyam Jaishankar said. The subject came up during his meeting with US secretary of state Tony Blinken on Tuesday but “more technical people are engaged between the two (governments) on this particular subject,” Jaishankar told reporters at a joint press conference in Washington. The G7 plan would offer India and other importers from outside North America and Europe the chance to continue using insurance and finance services that facilitate trade and transportation of Russian oil, as long as market participants agree to be bound by yet-to-be determined fixed price caps on crude and products. The EU and the UK together account for 90pc of maritime protection and indemnity services globally.
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