Russia is now selling more crude oil produced in its arctic region to India and China
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Russian oil trade with India continues to touch new heights amid Russia and Ukraine war
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Earlier this oil was being sold to European countries
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Since last month, European countries stopped buying oil, due to which its supply chain was diverted to other customers.
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In fact, in December, the European Union, the G-7 group of countries and Australia imposed a price cap on Russian oil.
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Russia refuses to accept price cap
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Western countries had also warned about the price cap that everyone will have to accept this price cap and on this basis will have to buy oil from Russia.
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In this situation, oil companies started looking for new buyers
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A Singapore-based oil trader said about this that earlier Arctic oil was sent to European countries, but now it will have to be sent elsewhere.
Image source: google
On the other hand, if official sources are to be believed, last week India received the first cargo of Varande crude from the Arctic region itself.