MOSCOW, June 29. /TASS/. China and India could agree to the proposal by the G7 to set a price cap for Russian oil but that agreement wouldn’t hold due to difficulties of compliance, financial analyst Mikhail Belyayev told TASS on Wednesday.

Beijing and New Delhi would agree to the proposals from the G7 because they are interested in reasonable oil prices, the expert said. But if the countries need more oil at a different price, they would make a purchase and no one could stop them.

"They would do that and that would tear up the agreement," Belyayev said.

The agreement would be unpleasant for Russia but the damage wouldn’t be irreparable, he said. The country’s oil and gas sector has a lot of resilience, and in addition, Russian companies raked in hefty revenue from the recent spike in oil and gas prices, the expert explained.

"Of course, after this, there may not be any talk of super profits, but the profit will be normal; it’ll be standard for any business and the industry," he said. "We have resilience that’s sufficient enough to take that without serious concern and alarm."

The G7 vowed following a summit in Germany to explore a price cap for Russian oil by banning its shipping by sea unless its price falls within a certain range approved by international partners.

Reuters reported on Tuesday that the talks of the G7 with China and India about the plan were productive.