- EU proposes a Russian crude embargo over the next six months and refined products by the end of 2022
- Hungary and Slovakia will have exceptions until the end of 2023 to comply with sanctions
- EU Commission President Ursula von der Leyen maintained expectations to secure alternate supply lines while avoiding global market repercussions
- India wants Russia to discount its oil to under $70 per barrel (BBG)
- State-owned and private refiners have bought more than 40 million barrels of Russian crude since the invasion of Ukraine in late February
- Meanwhile, independent refiners in China have begun purchasing Russian oil at substantial discounts (FT)