International oil traders are flocking to India as the nation seeks new ways to buy Russian crude

The UK and EU have agreed to ban insurance for Russian oil cargoes, reports said.

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• Oil traders are flocking to India to sell discounted Russian crude, according to a Bloomberg report.
• Small international traders have been selling barrels of Russian crude at an $8 markdown.
• Sri Lanka has turned to international traders as well, receiving a shipment of Russian oil in May and then purchasing more in July.

A hoard of small, lesser-known oil traders are flocking to India to sell Russian crude, according to a report by Bloomberg, offering steeper discounts and new ways for Indian buyers to purchase supplies rejected by the West.

India has already been purchasing Russian crude at a markdown amid Western sanctions, making the country one of Russia's largest oil buyers since its invasion of Ukraine. 

While its demand for Russian crude recently declined, Indian buyers are working with small and little-known oil trading companies, which are selling Russian crude at even lower costs. 

Sources told Bloomberg that some international traders have been offering barrels at markdowns of about $8 and that state-run refineries like Indian Oil are considering deals as they require less red tape than buying directly from Russia.

Sri Lanka has turned to international traders as well, receiving a shipment of Russian oil in May and then purchasing more in July, Bloomberg reported.

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