The average price of Russian oil delivered to top buyer India in October rose to $84.20 per barrel, way above the $60 price cap set by the Group of Seven nations in December last year, preliminary Indian government data showed.
India paid the highest prices for Russian oil in October since the price cap was imposed, providing a boost to Moscow’s revenues despite efforts by western nations to curb the producer’s income and funding for the Ukraine war.
India, the world’s third-biggest oil importer and consumer, has emerged as the biggest buyer of seaborne Russian crude as western nations cut purchases after Moscow’s invasion of Ukraine more than a year ago.
