Russia’s full-scale invasion

After Russia’s full-scale invasion of Ukraine in February 2022, European countries reduced their imports of Russia’s oil, and the G-7 countries set a price cap on Russia’s oil sales. As a result, Russia significantly discounted its crude oil price. China’s independent refiners began purchasing more crude oil from Russia, which displaced some of Iran’s crude oil exports to China. In response, Iran increased oil price discounts to compete with Russia for crude oil market share in China ufabet