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China and India buy more Russian oil, blunting Western sanctions

Both countries take advantage of discounts as buyers disappear

An oil tanker docks at Russia's far eastern Transneft-Kozmino Port. Russian revenue from oil exports between January and April has climbed 50% on the year, the International Energy Agency says.   © Reuters

TOKYO -- China and India have increased Russian oil purchases as prices decline due to Western import bans, the latest data shows, creating a loophole that allows Moscow to secure export revenue.

China imported 800,000 barrels of Russian petroleum daily by sea last month, according to data from Refinitiv, a figure that does not include oil delivered via pipelines. The volume has soared by more than 40% from January.

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