Russian crude was "sold to India below the price cap" in the buyers' market. Deeper discounts were given to New Delhi this month on Russia's flagship Urals crude oil, according to a Reuters report citing traders. The decision comes now that Putin has made it clear to the West that it won't sell Russian oil to any country that imposes a $60 price cap. Russia has also said it will not abide by the cap, even if it has to cut production. On December 5, the G7 nations and the EU implemented a $60 price cap on Russian seaborne oil to limit Moscow's ability to finance the Ukraine war. The European Union has also banned imports of seaborne oil from Russia. Watch this report for more details.
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