India and China are still snapping up Russian oil -- but they are demanding huge bargains which is

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hitting Kremlin's war chest

Russian energy revenues may finally be feeling the pinch — the European Union's sweeping sanctions against the country's energy exports are about to kick in on December 5, more than nine months into the Ukraine invasion.

As Kremlin is set to lose its single largest customer, it is redirecting seaborne exports to Asia, in particular to India and China.

But that's proving to be difficult business. India and China now account for about two-thirds of all Russian seaborne crude-oil exports, and as major customers, they are demanding massive discounts for their purchases, Bloomberg's oil strategist Julian Lee wrote on Sunday.

Russia's flagship Urals crude oil was trading at a discount of $33.28, or about 40% to the international Brent crude oil at the end of last week, according to Bloomberg's analysis of data from trade news service Argus and the Intercontinental Exchange in Europe. That's a steep fall from the $2.85 discount that Urals was trading at in 2021.

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