Will join Russia oil cap coalition when alternative supply is ensured: Govt

India has said it will consider backing the price cap on Russian crude oil proposed by the US only when it will be assured of supplies from Venezuela and Iran. As India is largely dependent on imported crude, it cannot accept a situation where open market prices increase because of uncertain and restricted supplies, with a limit imposed on cheaper oil sources, reported The Economic Times. 

The Joe Biden-led US administration has invited India to join the coalition of Russia's oil price cap to reduce Moscow's earnings from crude, which comes in the backdrop of its ongoing invasion of Ukraine.