China And India Are Buying Russian Crude At A 40% Discount

The European Union on Friday once again failed to reach an agreement on a price cap for Russian oil, with the bloc's eastern-most members including Poland, Estonia, Latvia, and Lithuania objecting that the proposed $60-$70 per barrel for Russian crude is too generous and well above the rates Russia currently sells crude.   European Commission Vice President Valdis Dombrovskis has acknowledged as much, saying, “If you put the price cap too high, it doesn’t really bite. Oil is the biggest source of revenue for the Russian budget,…