The U.S. and Britain are both targeting two of Russia’s major oil producers, Gazprom Neft and Surgutneftegas, and dozens of the companies’ subsidiaries. The new sanctions, imposed by the Biden administration,

Indian and Chinese refiners are in a quest to find new suppliers of crude as they adapt to fresh US sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.

Sweeping U.S. sanctions on Russia's oil industry will make it more expensive for Moscow to sell its oil and complicate sea-borne crude exports due to restrictions on tankers, analysts and traders said on Monday.