US Deputy Secretary of Treasury Wally Adeyemo  said India has “shown great interest” with respect to the proposal of capping Russian oil price.

The price cap will ensure that there is a reduction in revenues for Russia, he said during a media interaction here.

The US has imposed sanctions on Russia in the wake of the invasion of Ukraine.

“In my conversation with Indian officials and policymakers about the price cap coalition, they have shown great interest as this is in line with India’s objective of lowering energy price for consumers. We are providing information to them and we will continue the conversation,” Adeyemo said.

India and a few other countries have increased their purchase of oil from Russia and against this backdrop, the US is looking at ways to cap the Russian oil price.

On Friday, Adeyemo met Finance Minister Nirmala Sitharaman and among other topics, they discussed Indo-Pacific Economic Framework and India’s G20 Presidency.