Russia Offering India To Buy Urals Oil At Discount Of Up To USD 35 Per Barrel

Russia is offering India to buy its flagship Urals oil at a discount of up to USD 35 per barrel.

Bloomberg reports this, citing its sources, Ukrainian News Agency reports.

“Russia is offering India big discounts on direct oil sales, as growing international pressure is reducing appetite for its barrels in other countries following the invasion of Ukraine, people with knowledge of the matter say,” the statement says.

According to Bloomberg sources, Russia is offering its flagship Urals crude at up to USD 35 per barrel off pre-February 24 prices.

According to them, Russia wants to negotiate with India on the supply of 15 million barrels of oil, while it is noted that negotiations are underway at the government level.

Also, sources of the publication report that Russia has offered payments in rubles using the financial messaging system (FMS).

However, it is clarified that a final decision has not yet been made, and this issue is likely to be discussed when Russian Foreign Minister Sergey Lavrov arrives in India on a two-day visit on Thursday.

It is expected that transactions will be made between Rosneft PJSC and the largest Indian oil company Indian Oil Corp.

At the same time, according to the founder of Singapore-based Vanda Insights, an oil market analysis company, India's consumption of Russian oil has been very small for many years, so refineries are not in the mood to buy much Russian oil.

As Ukrainian News Agency reported, in early March, the United States imposed a ban on the import of Russian oil.

The UK has decided to refuse importing Russian oil and oil products until 2023.

Australia introduces a 35% duty on all goods from Russia and Belarus and refuses Russian oil and gas.

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