Russian Oil Hits the Wall

India and China stop new orders

On January 10th, 2024, the US administration under President Biden sanctioned 183 oil tankers that Russia used to ship oil globally, exceeding the $60 per barrel price cap imposed by the West.

In the hours following the sanctions announcement, ports in China and India requested the sanctioned oil tankers not to enter. Some were anchored a few kilometers from the port, while others returned to their origins. Mass confusion ensued. Subsequently, a brief waiver was issued, allowing these sanctioned vessels loaded with oil to offload their barrels by February 27th. All related financial transactions needed to be completed by March 12th.