Trade sources and data revealed that Russia is sending more crude oil produced in the Arctic region to China and India, and at steeper discounts. This comes after Europe put heavy sanctions on Russian supplies last month. As per reports, Arctic grades Arco, Arco/Novy Port and Varandey do not usually come to the East. But reportedly they are now doing supplying 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.

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