Russia has been diverting oil exports from Europe to Asia as the US and its allies try to choke off its energy revenues to limit its ability to fund the Ukraine war

"All these Arctic crudes usually go to the EU but now they have to go elsewhere," a trader in Singapore said, adding that "Now India and China are their major homes."

The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.

Russia accounted for 22% of India's total crude imports last month, supplying 946,000 barrels per day, The Economic Times reported

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.

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

A senior Russian legislator said on Thursday that Moscow would take control of the Sakhalin-1 oil and gas project in which ExxonMobil and Japan's SODECO are also partners