Transportation costs for crude oil to Asia rise

Transportation costs for crude oil purchased by Indian refiners have exceeded the cap set by Western countries and Australia, according to a U.S. official. Transportation costs have increased as oil has moved greater distances to Asian markets rather than to Europe, which prohibits most Russian seaborne cargoes. Some Russian traders and energy companies are seeking non-dollar payments for certain niche grades of Russian oil. The cap has helped reduce Russian energy tax revenues by 42% since last February.