The year 2025 had barely started when the outgoing Joe Biden administration presented a belated 'holiday gift' to Russian oil exporters. Washington announced a new sanctions package – the “most significant” yet, according to US officials.

This time, it affected Russian oil giants Gazprom Neft and Surgutneftegaz. These companies already face restrictions on access to American financing and technology, but now it seems that the US and UK are about to impose more severe sanctions on the Russian oil giants.

The sanctions target 183 vessels – primarily the so-called “shadow fleet” tankers that transport Russian oil – as well as support vessels. According to US estimates, these vessels carry about one-third of Russia’s oil exports, and this move is intended to suffocate Russian oil producers. While this will likely trigger a surge in oil prices, US and EU authorities believe they can hold out until prices stabilize and decline.

India, one of the key purchasers of Russian oil, swiftly responded to the announcement. A senior Indian official, speaking on condition of anonymity, told Bloomberg that........

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