India and China defy West's oil price cap, boost Russian exports.

India and China have bought most of Russia's oil in April at prices above the Western price cap of $60 per barrel, despite pressure from some European Union countries to lower the cap to increase pressure on Moscow. The latest data from Refinitiv Eikon suggest Russian Urals oil cargoes that loaded in the first half of April are mostly heading to India's and China's ports. The advocates of the cap say it reduces revenues for Russia while allowing oil to flow, but its opponents say it is too soft to force Russia to backtrack on its activities in Ukraine.