US Sanctions on Russian Oil: India, China Banks Moving to Comply, Citing U.S. Treasury

Overview

A U.S. Treasury official stated that Indian and Chinese banks and refineries are beginning to comply with U.S. sanctions imposed on Russia's major oil companies, Lukoil and Rosneft. These sanctions were enacted to reduce Moscow's war funding. The official noted that entities in China and India are "risk averse" and prioritize their relationships with Western nations, leading them to adhere to the sanctions.