Amid mounting pressure from isolating sanctions imposed by the US, UK and EU among others on Russia, a Bloomberg report has revealed that the sanctioned nation offered India oil at a heavily discounted price of $35 a barrel.
Citing people familiar with the matter, Bloomberg reported that Russia made this move as its traditional buyers have backed away from buying its oil.
According to the report, Russia wants India to take 15 million barrels contracted for this year to begin with.
Governmental talks are ongoing and expected to be finalized soon.
India is one of those nations that have been doubling down on Russian crude, defying international sanctions, and rising pressure from the West.
Asia’s No. 2 oil importer has purchased at least 13 million barrels of Russian oil since Feb. 24, compared with nearly 16 million barrels in all of 2021, according to a Reuters report.