Russia is offering to discount its oil by as much as 30% for Asian buyers as the G7 pushes its price cap

Russia is in talks with several Asian nations for long-term oil contracts with steep discounts.

According to the report, the discounts could be as much as 30%, and it's possible that Moscow is looking to counter discussions by the US and Group of Seven nations regarding a price cap on Russian crude.

As Europe shuns its supplies, Russia may be trying to secure more buyers.

Indonesia's minister of tourism said that Russia offered to sell oil to Indonesia at a 30% lower price. Concerns remain over potential US sanctions.

Russian oil imports will be banned by the EU on December 5. Concerns that it could cause prices to go up and cause profits to go up for Russia have led to calls for an exception to the ban.

According to sources, India is hesitant to join the price cap scheme as it may cause Russia to sell cheap crude to other buyers.

Russia's crude output will fall by over a million barrels a day as a result of lower demand in Asia and the impending EU ban, according to a prediction by the energy company.

Russia has shown high resilience to the unprecedented pressure imposed by Europe and the US, but the worst is yet to come, according to the research firm. During the peak demand season, domestic consumption has helped fill the gap, but overseas demand for Russian blends has fallen.