Story perspectives

India Urges Russia for Deeper Oil Discounts Amid Sanctions

9/12/2025

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Summary

Story summary

India has asked Russia to increase crude oil discounts to $10 per barrel below Brent prices due to rising transaction costs and Western sanctions risks.
Currently, Russian Urals crude is priced at a $6–7 discount per barrel.
Indian refiners claim this discount is inadequate given higher shipping and insurance costs.
Russia plans to cut oil shipments to India from 1.6 million barrels per day in September to 1.4 million in October.
Even with a $10 discount, Russian crude would still exceed the EU and UK price cap of $47.60 per barrel.

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Story summary

India has asked Russia to increase crude oil discounts to $10 per barrel below Brent prices due to rising transaction costs and Western sanctions risks.
Currently, Russian Urals crude is priced at a $6–7 discount per barrel.
Indian refiners claim this discount is inadequate given higher shipping and insurance costs.
Russia plans to cut oil shipments to India from 1.6 million barrels per day in September to 1.4 million in October.
Even with a $10 discount, Russian crude would still exceed the EU and UK price cap of $47.60 per barrel.