New Delhi: Calling India's stance on not supporting the price cap on Russian oil as 'highly appreciating', Roman Nikolaevich Babushkin, Deputy Chief of Mission at the Russian Embassy in New Delhi, said India is seeking the best of available options in the market and the pricing should be based on the market calculations and not on the desire of the oil buyers.

"I can just reiterate what has been said already. So, India's independent and balanced position is highly appreciated. As Jaishankar said on a number of occasions India is seeking the best available options on the market. So, that is exactly why we are on the same page. The pricing should be based on the market calculations and not on the desire of the oil buyers which is nonsense", he added.

Earlier in a statement made during the meeting between Russian Deputy Prime Minister Alexander Novak and India's Ambassador to Russia, Pavan Kapoor on Friday, December 9, it said Russia has welcomed India's decision not to support the oil price cap announced by the G7 and their allies.

"The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," said the Russian Foreign Ministry in a statement during the meeting with India's ambassador".

Further calling both Russia and India 'like-minded countries' he said that Russia will continue the success of the Indian Presidency at the United Nations and will support multilateralism and fight against international terrorism.

"We are closely cooperating with India in the United Nations, especially during this important moment for India as the President of the Security Council this month. We are like-minded countries and share basic values same principles and goals. We would like to highlight the importance of the major events for India which are held in the middle of the month related to the fight against international terrorism and multilateralism. So, Russia we will contribute to this success of the Indian Presidency at the United Nations" he added.

Notably, while making remarks at the Primakov Readings International Forum in Moscow on December 7, Russian Foreign Minister Sergei Lavrov once again backed India for permanent membership at the United Nations Security Council (UNSC) stating that New Delhi has added value to the Council with its stance on global and regional issues.

"I think India is currently one of the leading countries in economic growth, maybe even the leader. Its population will soon be bigger than that of any other country. New Delhi has vast diplomatic experience in settling various kinds of problems, as well as authority and a reputation in its region," Lavrov said.

"India is part of a range of integration structures in South Asia within SCO & it takes an active role in United Nations. India is a country that not only aspires to be but is at the essence of the forming of a multipolar world as one of its most important poles," he added.

On the India-Russia annual summit not happening this year, Roman cited 'the scheduling reasons and PM's domestic engagements but added that the leaders interact on a permanent basis and he expects a lot of engagements next year.

"There is probably the major issue of the scheduling because this year we know that this particular period of time... PM is engaged in the domestic agenda.. but what can we be certain about is our leaders are interacting on a permanent basis...They spoke on the phone already...They had a very forward-looking meeting on the sidelines of the SCO summit and this practice will definitely continue and we expect a lot of session engagements next year as well," he said.

The annual summit between the Indian Prime Minister and the Russian President is the highest institutionalised dialogue mechanism in the strategic partnership between the two countries. In 2020, the summit could not happen due to the Covid pandemic. Before that in 2019, PM Modi travelled to Vladivostok and I'm 2018 Russian President Putin travelled to Delhi.