No, I originally said $10B, and then edited out the number 'cause I felt it was wrong. "Tens of billions" was correct though, versus the EU's "hundreds of billions".
That's 'cause the discount is below the cap. So it's a good idea to market it that way. What really counts is what happens to prices are the war is over and the Chinese economy gains steam. Until then, we are fine with cheaper oil.
A lot of that is exported. Just so you know, one of the refineries in India is owned by Russia, and they are selling themselves oil, and is counted as an import too.
Trafigura has sold its 24.5% stake in Russia-backed Indian refiner Nayara Energy to a Rome-based energy investment group, following on from a deal on Monday where a group of firms backed by the commodity trading company agreed to buy Lukoil's Italian refinery.
www.reuters.com
Rosneft owns a 49.13% stake in Nayara.
Nayara operates a 400,000 barrels per day Vadinar refinery...
And quite a bit of refined petroleum from Russia is exported to the EU. So you guys continue to fund the war in Ukraine, albeit indirectly.
India’s petroleum product exports to EU countries rose 20.4 per cent year-on-year in April-January to 11.6 million tonnes, with the region climbing two spots from the corresponding period of the previous fiscal to top the table of 20 regions importing refined products from India.
indianexpress.com
This comes as Indian refiners snap up discounted Russian crude oil shunned by the EU and other Western powers, with analysts pointing to a clear possibility of products refined from Russian barrels reaching the EU’s markets via India.
Funny how that works. Instead of buying straightaway from Russia, the EU is buying the same petroleum via India.