On Jan. 10 the US Treasury’s Office of Foreign Assets Control sanctioned 161 tankers and traders involved in about 2,000 shipments since the invasion began. It also acted against Moscow-based ship insurers and two companies — Surgutneftgas and Gazpromneft — which in the first 10 months of last year accounted for almost 30% of Russia’s oil exports.

Six Russian oil tankers still under construction by Russia's Zvezda shipyard were included in U.S. sanctions imposed last week, the first time Washington is known to have banned tankers before they even set sail,

India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

The presidents of Russia and Iran have held talks in the Kremlin before the signing of a broad cooperation pact to deepen their partnership amid stinging Western sanctions.