"We're raising runs next month in preparation for a possible opening in exports," a state-run refiner official said.

The proposed legislation would impose penalties on countries that increase their imports of Russian oil, provoking tensions with India and China, The Economic Times said.

China's purchases have climbed in order to reap the benefits of a plunge in European buying as sanctions push Moscow in search of alternative markets.

Traders expected China's exports of gasoline, diesel and jet fuel to rebound in August after Beijing issued more export quotas in June and July.

Covid lockdowns could lead to China's oil demand contracting for the first time in two decades

Indonesia may join India and China in buying cheap Russian crude because of pressure of rising costs, President Joko Widow has said

India's crude oil flows from Russia have soared from 2% of its total imports to more than 12% since February – when Russia invaded Ukraine

China's demand for gasoline, diesel and jet fuel could fall by 380,000 barrels a day this year - the first decline in 20 years, largely because of Covid curbs

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.

Russian leader condemned the West's idea for a price cap on Russian gas, saying it would lead to price rises and that global demand for Russian energy was high.

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil...

The move is blow to the US dollar as Russia bids to reduce its reliance on Western banking systems after it was hit by sanctions over its invasion of Ukraine