Russian oil sales surge to India and China amid US warnings

The United States has repeatedly warned that a major Asian buyer is rapidly increasing purchases of Russian crude. Indian refineries have stepped up imports of Urals oil, buying about 2.45 million barrels per day in July—just below the June record—while Chinese refineries are also expanding their purchases. The oil is being offered at a narrow discount of only $1‑2 per barrel to Brent futures, a sharp reduction from the $10‑plus discounts seen in early July.

The shift comes as Middle‑East supply constraints tighten and Russia redirects most of its crude exports from Europe to Asia following Western sanctions over the Ukraine conflict. Despite the expiration of the U.S. waiver on Russian oil on 17 June, Russia remains the largest supplier of crude to India, and the UAE is reported as a key transit point for the shipments.