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China, India seek new oil supplies as US sanctions bite
Mint Kolkata
|January 14, 2025
Chinese and Indian refiners are seeking alternative supplies of crude as new US sanctions on Russian producers and tankers are set to be the most effective yet in curbing shipments to Moscow's biggest customers, numerous traders said on Monday.
The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as on 183 vessels that have shipped Russian oil, as it targets the revenues Moscow has used to fund its war with Ukraine.
Many of the tankers have been used to shipping oil to India and China as western sanctions and a price cap imposed by the Group of Seven in 2022 shifted trade in Russian oil from Europe to Asia. In addition, some tankers have shipped oil from Iran, which is also under sanctions.
Dit verhaal komt uit de January 14, 2025-editie van Mint Kolkata.
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