On Jan. 10 the US Treasury’s Office of Foreign Assets Control sanctioned 161 tankers and traders involved in about 2,000 shipments since the invasion began. It also acted against Moscow-based ship insurers and two companies — Surgutneftgas and Gazpromneft — which in the first 10 months of last year accounted for almost 30% of Russia’s oil exports.

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

The White House, now unconcerned about the effect on gas prices and inflation, blacklisted two of Russia’s biggest oil producers and nearly 200 tanker ships.

The US on Friday announced the most sweeping and aggressive sanctions yet on Russia’s oil trade, just ten days before Joe Biden leaves the White House to be replaced by Donald Trump as president. Most

The latest U.S. sanctions on Russian oil are rumored to be expansive, encompassing two Russian oil companies and more than 100 tankers, as well as oil traders and Russian insurance firms. The sanctions may also hit Chinese banks that facilitate Russian oil trades.

The newly inaugurated President of the USA, Donald Trump, is laying the groundwork for a future agreement between Russia and Ukraine. The key mechanism is expected to be even stricter sanctions aimed at persuading Vladimir Putin to negotiate.

The overarching goal is to compel Russia to negotiate a peace deal with Ukraine. If Moscow signals willingness to agree to a ceasefire, the developing strategy envisages easing restrictions on Russian trade.