Reliance emerged as one of the key buyers of discounted Russian crude after some Western buyers shunned it following Moscow's invasion of Ukraine in late February

The US confidence in a price cap follows positive reaction by China and India to the plan, which would limit Moscow’s revenues over its aggression in Ukraine

The equivalent of about 1.77 million barrels per day (bpd) of Russian oil were shipped to China, down from May's record of 1.98 million bpd, a level analysts had expected to be maintained

The new firm will take over rights and obligations of Sakhalin Energy Investment Co, in which the two Japanese companies and Shell hold just under a 50% stake

A source said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil

Putin said Russia was discussing increasing the presence of Chinese cars on the Russian market as well as the opening of Indian supermarket Chains.

The move by the Indian Register of Shipping is keeping state-owned Sovcomflot's tanker fleet afloat and ensuring it can continue exports to India of Russian oil

New Delhi's current imports make up more than a quarter of Europe's imports of Russia crude and related products, the report said

China's imported 8.42 million tonnes of Russian oil in May, as refiners snapped up cheap crude after Moscow was hit with sanctions after invading Ukraine, customs data revealed on Monday

The risk of a global recession is keeping the US from imposing curbs on India and China, which are buying Russian oil at deep discounts

US asked Indian officials not to purchase too much Russian oil, energy official tells Senate subcommittee on Europe and regional security cooperation

Data show Russian oil concealed in blended and refined gasoline, diesel and chemicals has made its way to the US from Indian refineries