The United States has imposed its most aggressive sanctions yet on Russia’s oil industry, sparking turmoil among top Asian oil buyers. China and India, the primary beneficiaries of discounted Russian crude since 2022, are now facing uncertainty about their energy supply.
The two countries have become heavily reliant on Russian oil due to a Western price cap aimed at limiting financial support for Moscow. However, the new sanctions, announced by the outgoing Biden administration, target producers, insurers, and vessels, causing widespread disruption in the market.
Source: https://www.bloomberg.com/news/articles/2025-01-13/china-india-rush-to-assess-impact-of-us-sanctions-on-russian-oil