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Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.
By Dmitry Zhdannikov, Chen Aizhu and Nidhi Verma LONDON (Reuters) -Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian
The ban on shipping and the price cap have made buyers wary and forced Russia to pay for transportation of crude as it does not have enough tankers to carry all of its exports. As of late January, Russian oil firms were offering discounts of $15-$20 per barrel for crude to buyers in India and China, according to at least 10 of the traders who are involved in operations and an invoice seen by Reuters.