China and India Stop Buying Russian Oil

China and India have temporarily halted purchases of Russian oil due to a spike in shipping costs for tankers that have not been subjected to U.S. sanctions, reports NewsBox. 

China and India have suspended the import of Russian oil amid escalating transportation costs. According to Reuters, citing trader data, this situation is linked to the rising costs of shipping with tankers not targeted by U.S. sanctions.

On January 10, the United States imposed new restrictions aimed at Russia's oil and gas sector, as well as vessels associated with the so-called "shadow fleet." These measures have led to increased shipping expenses, costing several million dollars per voyage. Sanctions were imposed on 183 tankers, creating logistical challenges for the Russian oil industry.

By mid-January, no fewer than 65 tankers carrying Russian oil were anchored off the coasts of China and Russia, awaiting a resolution to the situation. In 2024, Russia accounted for 36% of India's total oil imports and nearly 20% of China's overall imports, making these countries significant buyers of Russian resources.