China & India Scour world for oil supplies as US sanctions to curb Russian supply

Chinese and Indian refiners are scouring the globe for supplies of crude as fresh US sanctions on Russian producers and tankers curb shipments to Moscow’s top customers, traders said.

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The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 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 ship oil to India and China as Western sanctions and a price cap imposed by the Group of Seven countries in 2022 shifted trade in Russian oil from Europe to Asia. Some tankers have also shipped oil from Iran, which is also under sanctions.