Russian oil sold to India below price cap in buyers’ market

NEW DELHI, 15 December 2022, (TON): Russia s flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap agreed by the West, four market sources said.

The European Union ban on imports of Russia s seaborne oil from Dec. 5 has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.

Also on Dec. 5, the Group of Seven leading economies implemented a $60 price cap on Russian seaborne oil to try to limit Moscow s ability to finance its war in Ukraine.

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