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Russia's Oil Exports To China and India Rebound [Yahoo! Finance]
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following the U.S. sanctions on Russia's oil trade and shadow tanker fleet from early this year. The Biden Administration's farewell sanctions on Russian oil trade from January 10 were the most aggressive yet. Many of the vessels, specialized tankers, and shuttle tankers transporting Russia's oil from the Arctic and Far East Pacific fields and production clusters to Asia have now been sanctioned. Initial U.S. Sanctions Shock To Russian Flows Crude oil loadings in February and early March reflected the initial shock to the oil trade flows from the sanctions. Buyers preferred to deal with non-sanctioned tankers and entities, which reduced Russia's exports to its key markets – China and India – as the supply chain needed to adjust to the sanctions. Chinese state firms halted or reduced purchases of Russian crude for February and March loadings as they were assessing the impact of the sanctions and the possibility of secondary sanctions. India was scrambling to procure crude on non-
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