US Treasurey SecretaryJanet Yellen embarks on her first trip to India as U.S. Treasury Secretary on Tuesday, focusing more on the similarities of the world’s two largest democracies and opportunities for deeper ties than on past trade and geopolitical spats.
This was disclosed by a treasury official who noted that United States was not seeking to dissuade India from buying Russian crude as G7 allies and Australia finalize details on a Western-imposed price cap on Russian oil exports planned for Dec. 5.
On the contrary, the official told reporters that India will benefit from the cap’s lower prices.
Yellen is not expected to dwell on India’s failure to condemn Russia’s war in Ukraine, nor on India’s massive increase in purchases of discounted Russian oil this year.
Yellen’s visit to India comes as the country rides the early stages of an economic boom that has outstripped China’s growth rate in recent years and is rapidly expanding its manufacturing base.