Chinese and Indian companies have stopped signing contracts for oil imports from Russia for the month of March, APA reports citing Reuters.
According to the information, this is due to the sanctions imposed, which have caused import costs to increase by USD 3 to 5 per barrel, and the price of "ESPO Blend" oil to increase by USD 2 per barrel.
It is also reported that due to the mentioned decision, China’s oil refineries are concerned about facing a loss of income.
On the other hand, India has already started seeking alternative import routes and is turning to markets in the Middle East, Africa, and the United States.
This is due to forecasts that import volumes will further decrease in the March-April period.
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