The US. Treasury on Friday 10 Jan ‘25 imposed sanctions on Russian oil
producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels that have
shipped Russian oil, targeting revenue Moscow has used to fund its war with
Ukraine. India will allow
Russian oil cargoes booked before January 10 to discharge at ports.
Russia could offer deeper discounts for crude exports to India to meet
the $60-a-barrel price cap to continue exports.
The cap was
imposed by the Group of Seven countries in 2022 to curb Russian oil revenue
used to fund the Ukraine war. Global Brent crude futures extended gains to
climb above $81 a barrel on Monday, their highest since August, on expected
disruption of Russian oil supply to China and India.