Putin looks at India and China for more discounted oil exports to counter EU ban

• The European Union's decision to ban imports of Russian crude in response to Moscow’s invasion of Ukraine is transforming India’s role in the global oil trade. As per Bloomberg report, Russia's dependence on India and China is likely to increase in wake of the new sanctions. The report cited that only India and China have refineries that can process urals, that can lead to picking up of more Russian crude barrels. Reuters reported that India bought around 34 million barrels of discounted fuel from Russia since invasion. 24 million barrels were bought in May alone, which as per Reuters is 9 times higher than 2021 monthly average. Watch this video for more information.