U.S. Sanctions Rock Russian Oil Exports: What's Next?

Recent U.S. sanctions on Russia's oil industry have increased costs for Moscow, targeting traders, insurers, and vessels that facilitate oil exports. Analysts predict short-term disruptions and a rise in oil prices, while Russia vows to counteract. The measures aim to leverage peace deals in Ukraine.

U.S. sanctions targeting Russia's oil industry are set to increase costs for Moscow and complicate sea-borne crude exports, say analysts.

Introduced by President Biden's administration, the sanctions hit traders, insurers, and shadow fleet vessels, ultimately affecting over 1.5 million barrels of oil daily.

Moscow has criticized the sanctions, warning of destabilized markets, while analysts forecast a temporary rise in Russian oil price discounts as global crude prices climb.

(With inputs from agencies.)