US sanctions Russia, to hit India oil imports

Indian firms see a major disruption of Russian oil supplies as Washington imposed new sanctions to curb Moscow’s revenues, pushing refiners to scout for crude from West Asia and the US, three Indian refining sources said on Friday.

The sources said they understand that the new US sanctions would target more than 180 tankers shipping Russian oil and Russia-based maritime insurance service providers Ingosstrakh Insurance Company and Alfastrakhovanie Group.

The measures are "the most significant sanctions yet against the Russian energy sector, the largest source of revenue for the Kremlin's war machine," a senior Biden official told reporters in a call.

“There is not a step in the production and distribution chain that's untouched and that gives us greater confidence that evasion is going to be even more costly for Russia,” a US official said.

The measures allow a wind-down period until March 12 for sanctioned entities to finish transactions.

The two Indian companies Skyhart Management Services and Avision Management Services have been slapped with sanctions, said the long list of individuals and companies that have been imposed with fresh sanctions for violating the Russian sanctions.