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Stricter US sanctions threaten Russia’s oil trade with India and China: Report
New US sanctions on Russian oil producers and ships are expected to disrupt Russia’s oil trade with India and China, two of its largest customers, according to a report by news agency Reuters. This development may lead to higher oil prices and increased freight costs for both countries as they look to source oil from alternative markets.
The US Treasury announced tougher sanctions on Friday, targeting major Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 ships involved in transporting Russian oil. These measures aim to cut into the revenues Russia uses to fund its war in Ukraine.
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