India and China defy West's oil price cap with Russian imports

India and China have purchased the majority of Russian oil in April at prices above the Western price cap of $60 per barrel, allowing the Kremlin to enjoy stronger revenues despite Western attempts to curb funds for Russia's military operations in Ukraine. The Urals price on a free on board (FOB) basis in Baltic ports has been slightly above $60 per barrel so far in April, with India accounting for over 70% of seaborne supplies of the grade and China for about 20%. Lower freight rates and output cuts announced by the OPEC+ group of oil producers have also boosted values for various grades around the world, including Urals.