US sanctions could leave 48 million barrels of Russian oil stuck at sea
The US just hit Russian oil giants Rosneft and Lukoil with new sanctions, aiming to cut off Moscow's revenue during the Ukraine war.
As a result, about 48 million barrels of Russian crude might end up stranded because buyers are backing away.
The Treasury says these moves are already shaking up global oil markets—demand for certain Russian grades is down, and prices for Russian crude are dropping due to deeper discounts.
Asian buyers get cautious, shipping routes shift
India and China usually buy most of this oil, but now many tankers have no clear destination as traders try to avoid getting caught by the sanctions.
Indian companies are turning to Middle Eastern suppliers instead, which has made shipping between the Gulf and India more expensive.
Meanwhile, Russia is still exporting a lot—about 3.4 million barrels per day—but tankers are taking longer routes or using "shadow" methods to dodge attention.