India wants Russian oil at $70 per barrel as Moscow's isolation grows: Report
- Global benchmark Brent is trading at $105 per barrel
- India has imported more than 40 million barrels since Ukraine was invaded
- Russia estimated a 17% drop in this year's oil exports
India is looking to double down on its oil imports from Russia as it looks for deeper discounts, according to reports citing unnamed sources. India is seeking a $70 price tag per barrel as global benchmark Brent is currently trading near $105 a barrel.
According to Bloomberg reports, the discounts are being sought by New Delhi to compensate for added financial obstacles. The United States and other Western countries have continued to pressure India into limiting relations with Russia, but New Delhi has not budged.
India, heavily reliant on outsourcing oil from other countries, has increased Russian imports since February 24 -- when the Ukrainian invasion was launched. More than 40 million barrels of Russian crude have been sent to India since then.
On the flip side, Russia's economy is being greased by its revenue from oil trades, which only a few buyers are interested in now. Moscow estimated that a drop of 17% in oil exports may be seen this year, Bloomberg reported.
India, like most Western countries, has not imposed any sanctions on Russia so far. This makes New Delhi a fertile ground for Moscow's business, as it struggles with diminishing demand. In addition to oil, India also shares defense deals with Russia.
The news comes as Moscow just took another economical hit from the European Union.
European Commission president Ursula von der Leyen proposed to European Union member states to phase out Russian imports of crude oil within six months and refined products by the end of the year.
"We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets", the European Commission president said, according to reports from Associated Press.