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In the maelstrom of debate around Western oil sanctions on Iran, the impact on the two Asian giants, India and China, has inevitably figured. Commentators have pointed out that Asian markets are likely, in fact, to be the biggest beneficiaries of the EU's decision this week to impose oil sanctions after July 1 and similar US legislation being planned. According to the IEA, Iran exported about 600,000 barrels of oil a day to Europe and much of this will now be directed east, at discounts that have been estimated to reach up to 40%.