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Russia Seen Floating Long-Term Oil Discounts Amid Price-Cap Push

  • Moscow discussed idea with some Asian countries, official says
  • US has been pushing for tweaks to EU sanctions on Russian oil

Russia has approached several Asian countries to discuss possible long-term oil contracts at steep discounts as US officials continue to push a plan that would cap the price of the country’s oil, according to a Western official.

The tentative conversations to offer some Asian buyers discounts of up to 30% may be a sign that Russia is trying to head off discussions by Group of Seven nations about carving out an exception for pending European Union sanctions on Russian oil, said the official, who asked for anonymity to discuss sensitive talks. That plan would allow third parties to more easily purchase Russian crude oil at a low price set by Western nations.