China and India have halted trade in Russian oil due to US sanctions, which have caused a sharp rise in tanker shipping costs, Reuters reports. According to traders and shipping companies, trade in Russian oil that was loaded in March has stopped in Asia,

Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped,

Russia has continued to send cargoes of crude oil to India on tankers that have been sanctioned by the US, Bloomberg reported on Tuesday. This situation presents a crucial test of Moscow’s ability to circumvent the stringent sanctions implemented by Washington earlier this month.

India's energy security will remain intact despite US sanctions on Russian oil, according to IndianOil Chairman Arvinder Singh Sahney. India sources crude from the Gulf, Africa, the Americas, and emerging suppliers like Brazil.

As reported by Reuters, these sanctions have already had tangible effects. The main recipients of Russian oil, China and India, have suspended purchases from Russia because the de

In China, there are no buyers for March deliveries of oil from Russia after new American sanctions on Russia's "shadow fleet" led to increased tanker transport costs, which were not covered by these sanctions,