Top Asian Oil Buyers in Turmoil as US Ratchets Up Sanctions
- Restrictions announced by outgoing Biden administration
- The Asian heavyweights have become reliant on the crude
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Refiners, tanker operators and port executives across Asia have been left scrambling to manage the fallout from the most aggressive US sanctions on Russia’s oil industry to date, sifting through documents and quizzing government officials on Monday to understand the impact for major importers China and India.
The two countries have been the main beneficiaries of cut-price Russian crude since the invasion of Ukraine in early 2022, working around a Western price cap intended to limit funds flowing back to Moscow. But a step up in punitive measures on Friday — with a range of sanctions targeting producers, insurers and vessels — has thrown that trade into disarray.