Donald Trump sanctions impact: Russia crude available at highest discount in a year; India, China cut purchases

India and China, major buyers of Russian crude, have significantly reduced their oil purchases following new US sanctions on Rosneft and Lukoil. This has widened the price gap between Russian Urals and Brent crude in Asia to a year-high, signaling increasing pressure on Russia’s vital oil revenues. Refiners in both nations have halted December orders, risking unsold Russian oil volumes.