India is at the centre of a diplomatic tug of war after Russia reportedly offered it further discounts on cut-price oil if it rejects the G7 price cap.
The world’s fastest-growing major economy is key to Western plans to cap Russian profits from energy exports, but has increased its imports of cut-price oil to tackle domestic inflation.
Moscow has now returned with even better rates ahead of a European seaborne ban on Russian crude in December, according to Indian media reports.
