India to block Russia's shadow fleet

This was reported to Bloomberg by a high-ranking Indian official on condition of anonymity, Ukrinform reports.

An Indian official said that ships under sanctions will not be allowed to unload cargo. This does not apply to ships chartered before January 10, provided they unload by March 12.

Indian banks will also require certificates of origin for oil.

The official added that Indian refineries are in talks to enter into long-term agreements with Middle Eastern countries.

Oil supply is not a problem. OPEC has 3 million barrels per day of spare capacity, while non-OPEC suppliers such as the US, Canada, Brazil, Guyana can easily increase volumes. Oil prices are a problem, but the rise above $80 is unlikely to last long.

India is also currently reviewing the participation of state-owned companies in the Vostok oil project, which has been subject to sanctions.

The official added that the impact of the sanctions will be felt when the transition period ends in two months.

US announces sanctions against Russia's shadow fleet

On January 10, the US announced its most aggressive sanctions yet on Russia's energy trade, just days before Donald Trump replaces Joe Biden as president.

Since then, oil prices have soared above $80 per barrel.

Chinese and Indian refiners said they would seek oil suppliers from the Middle East, Africa and America as new US sanctions against Russian oil producers and ships will limit supplies to Moscow's main customers.