US sanctions on Russian oil set to kick in, with 48 million barrels of crude at sea
US sanctions that come into effect on Friday could leave nearly 48 million barrels of Russian crude stranded on the water, pushing dozens of tankers to scramble for alternative destinations in the latest overhaul of the global oil trade.
Washington’s move last month to blacklist top oil producers Rosneft PJSC and Lukoil PJSC is arguably its most aggressive to date under the current administration, as President Donald Trump tries to dial up pressure on the Kremlin over the war in Ukraine. The US Treasury said earlier this week that the measures were already a success, given lower demand and discounts on key Russian oil grades.
