How US sanctions on Russia shadow fleet may impact India oil imports

News Snapshot:

The outgoing administration in the United States announced sweeping new curbs on Russia’s oil trade last week, imposing sanctions on 183 tankers, the bulk of the so-called “shadow fleet” that has kept Russian oil flowing to consumers such as India and China. The sanctions also targeted Russian oil companies Gazprom Neft and Surgutneftegas, insurance companies, and other entities involved in the country’s oil sector and trade. The sanctions, the biggest against Russia’s oil shipping sector since the invasion of Ukraine in February 2022, will impact India, given that Russia is its biggest source market for crude oil. Specific fallouts will...