The United States and its allies implemented economic sanctions against Russian oil following the escalation of the Ukraine crisis in February 2022 – later that year, they introduced a $60 cap on crude and an embargo on Russian seaborne oil, in an attempt to hurt the country’s economy – while at the same time keeping Russian crude flowing to global markets so as not to trigger price hikes.

The sanctions also prohibited Western companies from providing services such as insurance, financing, and flagging to Russian tankers that sell crude oil above the agreed price cap.

Despite all this, Russia successfully redirected its oil exports to alternative markets, notably China and India. China primarily receives Russian oil through pipelines, while India, which bought ten times more oil in 2023 than in the previous year, has significantly increased its seaborne imports –with over 60% of Russia’s maritime oil exports directed there. Therefore, India was most affected by sanctions on tankers.

Media reported on Monday that the outgoing Biden administration is planning to impose more sanctions on Russia – taking aim at its oil revenues with action against tankers carrying Russian crude.

Talks about sanctions against Russia’s so-called ‘shadow fleet’ intensified last month, with US Treasury Secretary Janet Yellen stating that Washington was working out sanctions on the tankers and “would not rule out” imposing sanctions on Chinese banks, as it seeks ways to reduce Russia’s oil revenue. In December 2024, the EU passed a 15th sanctions package targeting several dozen vessels of what Western officials and media label “Russia’s shadow fleet.”

New Delhi has been watching these developments closely. Since the escalation of the Ukraine crisis in 2022, India has emerged as Russia’s second largest buyer of oil. This summer, it overtook China as the number one buyer.

Oil tankers vary in size, from a few thousand metric tons of deadweight (DWT) to ultra-large crude carriers (ULCCs) capable of carrying up to 550,000 DWT and a cargo capacity of........

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