Jan 08, 2025 (MENAFN via COMTEX) --
(MENAFN) Following the escalation of the Ukraine conflict in February 2022, the United States and its allies imposed economic sanctions on Russian oil. Later in the year, they introduced a USD60 price cap on crude oil and banned Russian seaborne oil in an effort to damage the country's economy, all while ensuring that Russian oil continued to flow to global markets to prevent price increases.
These sanctions also prohibited Western firms from offering services such as insurance, financing, and registration to Russian tankers transporting crude oil above the set price cap.
In spite of these measures, Russia managed to reroute its oil exports to alternative markets, particularly China and India. China mainly imports Russian oil via pipelines, while India, which increased its oil purchases tenfold in 2023 compared to the previous year, has substantially boosted its imports by sea - with over 60 percent of Russia's maritime oil exports now directed to India. As a result, India has been most impacted by sanctions targeting tankers.
Reports on Monday indicated that the outgoing Biden administration is preparing to impose additional sanctions on Russia, focusing on its oil revenue by targeting tankers transporting Russian crude.
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COMTEX_461690455/2604/2025-01-08T21:36:28
