Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new US sanctions on Russian producers and ships curb supplies to

According to reports, the eight oil tankers affected by the ban each have a capacity of 2 million barrels, meaning a total of 16 million barrels of crude oil shipments have been left stranded at sea by China.

Russia's Foreign Ministry on Saturday denounced new U.S. sanctions against Moscow's energy sector as an attempt to harm Russia's economy at the risk of destabilising global markets and said the country would press on with large oil and gas projects.

The White House has announced new sanctions against Russian oil companies, which are expected to cost Russia billions of dollars per month. The restrictions target Gazprom Neft and Surgutneftegas, as well as 183 ships involved in oil exports.

The White House has announced new sanctions against Russian oil companies, aimed at inflicting losses on Russia amounting to billions of dollars each month. The restrictions target Gazprom Neft and Surgutneftegaz,

The Biden administration delivered a parting blow to Russia’s economy Friday, targeting two of its largest oil companies and 183 oil tankers in what a senior official called the “most significant sanctions yet against the Russian energy sector,