India and China snap up the vast majority of Russian oil so far in April, enabling the Kremlin to enjoy stronger revenues despite the West's attempts to curb funds for the Ukraine conflict
Shipping costs have come down significantly in recent weeks as Russian port ice conditions eased and more tankers became available.
A G7 source told Reuters on Monday the Western price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. India accounts for more than 70 percent of the seaborne supplies of the grade so far this month and China for about 20 percent, calculations show.
Average discounts for Urals were at $13 per barrel to dated Brent on a DES basis in Indian ports and $9 to ICE Brent in Chinese ports, according to traders, while shipping costs were $10.5 a barrel and $14 a barrel respectively for loadings from Baltic ports to India and China.
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