Traditionally Europe-bound Arctic oil grades are now heading East, Reuters reports India and China have stepped up purchases of Russian Arctic oil grades following Western sanctions on Russian crude, Reuters reported on Thursday, citing traders and vessel-tracking data from Refinitiv. The EU, G7 nations and Australia introduced a price cap on Russian oil late last year, while the EU also placed an embargo on seaborne Russian crude. According to the report, Indian purchases of Russia’s Arco and Arco/Novy Port grade crude reached a record of 6.67 million barrels in November. Another 4.1 million barrels of those crud
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