WASHINGTON, April 3 (Reuters) - The G7 price cap on

Russian oil shipments is cutting the revenue that Moscow has

available to support its invasion of Ukraine, and the

mechanism's effectiveness is helped by the recent actions of

Indian refiners, U.S. officials will say in New Delhi on

Thursday, according to prepared remarks.

The U.S. Treasury officials, Eric Van Nostrand, assistant

secretary for economic policy, and Anna Morris, acting assistant

secretary for terrorist financing, will make the remarks at an

event held by the Ananta Aspen Centre in New Delhi, the Treasury

told Reuters on Wednesday.

"We know that the Indian economy has much at stake in the

Russian oil trade, and has much at stake from the global supply

disruptions that the price cap is designed to avoid," the

officials will say.

India has been one of the top consumers of Russian oil since

Western sanctions have shifted the market for the crude from

Europe to Asia, imposing costs on Russia for relying on a

"shadow fleet" of aging tankers to ship it further.

New Delhi has traditionally had close economic and defense

ties with Moscow and refrained from criticizing Russia over its

war in Ukraine. But last week the foreign ministers of Ukraine

and India said they had agreed to restore trade and cooperation

to levels before the Russian invasion of Ukraine.

The price cap imposed by the G7 countries, the European

Union and Australia bans the use of Western maritime services

such as insurance, flagging and transportation when tankers

carry Russian oil priced at or above $60 a barrel. The West

imposed the mechanism after Russia's February 2022 invasion of

Ukraine.

The U.S. officials are in India this week meeting with

government officials and business leaders to discuss cooperation

on anti-money laundering, countering the financing of terrorism,

and implementation of the price cap.

Since October, the U.S. has enforced the price cap with

sanctions including designating in February Sovcomflot (SCF),

Russia's state-owned shipping company.

The actions on Russia are helped by moves by international

refiners, including India's Reliance Industries, to

not buy Russian oil loaded on SCF tankers, the officials will

say.

"Our efforts are bolstered by international support for

these enforcement actions, like the recent decision from private

and publicly owned refineries to halt imports on Sovcomflot

ships," the Treasury officials will say.

Enforcement of the price cap on Russian oil has hit the

price that Russia can get for its oil in global markets,

reducing revenues for its war on Ukraine, the officials will

say.

The Treasury estimates that the discount of Russian Urals

oil to the Brent international benchmark has widened from about

$12-$13 a barrel before October to $18 in January and to about

$17 to $18 in February, the last month with data available, the

officials will say.

"The United States, together with the rest of the (price

cap) coalition, will need to remain vigilant and ensure that the

policy, its implementation, and enforcement are deployed to

inflict financial burden on Russia and keep global energy

markets stable," the officials will say.