Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.

Bloomberg reported that India will not allow tankers carrying Russian oil subject to American sanctions to enter its ports. This is a significant blow to Vladimir Putin's policy. The Indian market became one of the key markets for Russia after the EU decided to abandon Russian raw materials following the invasion of Ukraine.

Indian refiners have reportedly stopped dealing with tankers and entities that have been sanctioned by the US. However, the country does not expect any disruption to Russian oil imports during a two-month wind-down period,