Russia sends more Arctic oil to China, India after sanctions
Arctic grades Arco, Arco/Novy Port and Varandey do not normally head East but are now finding new homes further afield after the European Union, G7 nations and Australia introduced a price cap on Russian oil in December, on top of an EU embargo on Russian crude by sea. Sellers are selling the Russian crudes at bigger discounts as they absorb higher shipping costs.
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