Russia is offering India steep discounts on the direct sale of oil, as mounting international pressure lowers the appetite for its barrels elsewhere following the invasion of Ukraine, people with knowledge of the matter said.
The sanctions-hit nation is offering its flagship Urals grade to India at discounts of as much as US$35 a barrel on prices before the war to lure India to increase its shipments, the people said, asking not to be identified discussing confidential deliberations.
Headline Brent prices have risen about US$10 since then, implying an even larger reduction from current prices.
Russia wants India to take 15 million barrels