India is reportedly seeking a more than 35% discount on Russian oil as risk of doing business with world's most sanctioned country rises

• India is now seeking to acquire Russian oil at $70 a barrel as business with Moscow grows riskier, sources told Bloomberg.
• India has snapped up over 40 million barrels of Russian crude since the war in Ukraine first began, more than it did through all of 2021.

India is seeking to acquire Russian oil cargoes at below $70 a barrel as the country continue to snap up crude from the heavily-sanctioned country amid sanctions from western nations, according to Bloomberg.

Brent crude is trading at roughly $108 a barrel, and India is aiming to secure the low price point as a way to compensate for the risks associated with doing business with Putin's warring nation, sources told Bloomberg Wednesday.

India — which imports 85% of its oil and stands as the world's third largest oil importer — has snapped up over 40 million barrels of Russian crude since the war in Ukraine first began. That's about 20% more than in all of 2021, Bloomberg data shows.

The European Union formally proposed a full embargo on Russian oil early Wednesday, with a six-month phase-out plan. European Commission chief Ursula von der Leyen said the move would be costly to the bloc's economy.

Following the news, oil and natural gas jumped in Europe.

Meanwhile, as the Western world turns away from Russian oil, China's independent oil refiners have been buying Russian supplies for steep discounts, the Financial Times reported.

Since Russia invaded Ukraine, it has sent an increasing amount of Russian oil labeled "destination unknown" in a bid to continue making deals with wary buyers.