For Russian oil, tougher sanctions imposed a month ago by the outgoing Biden administration have driven up costs for refiners in China and India, with March ESPO Blend crude traded at $2 to $3 above ICE Brent on a DES basis to China, the highest premiums in more than two years, three trade sources said.

The Biden Administration’s farewell sanctions on Russian oil trade were the most aggressive yet and sanctioned dozens of vessels that Russia used to ship the ESPO crude blend from Kozmino to China’s independent refiners.

Indian Oil is buying Russian crude oil cargoes without the involvement of sanctioned entities and expects gasoline demand to grow 6-7% in the fiscal year 2026, the company's chairman said on Tuesday.

The oil tanker Cordelia Moon, carrying crude from a Russian producer, has come under US sanctions and has been drifting off India's west coast for two days, according to Bloomberg. The Cordelia Moon was scheduled to unload at Vadinar Port on February 9,

Indian Oil is purchasing Russian crude oil without sanctioned entities' involvement. The company anticipates a 6-7% growth in gasoline demand and 4% in diesel by 2026. However, petrochemical margins are expected to remain weak due to oversupply,