Russia may offer some Asian countries to sign contracts to buy Russian oil at discounts of up to 30%. It was reported by Bloomberg, citing a message from a Western official.

The source described this proposal as an attempt by Moscow to hinder the negotiations of the G7 countries (Britain, Germany, Italy, Canada, France, Japan, and the US) to introduce exceptions to the forthcoming ban of the European Union (EU) on fuel transportation insurance. This will allow third countries to buy Russian crude oil at a low price set by Western countries.

The sanctions, once in force, will prohibit Russian oil for discount shipments to Europe by sea and insurance by European companies for tankers going to third countries. We are talking about India and China. These are the main buyers of Russian fuel.

The G7 countries want to negotiate an exception, whereby, after the embargo is lifted, European companies will continue to provide insurance services to Asian buyers. But the alliance requires Asian countries to join the initiative on a price ceiling on Russian oil for discounts to get such a relief.

The decision on exemption from EU sanctions should come into force on December 5. On the same day, as reported in late July by Reuters, the G7 countries plan to establish a mechanism to limit the price of Russian oil.

Earlier we reported that investors are fleeing the oil market.