Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up  here .Russia is sending cargoes of sanctioned oil to India on tankers that have been blacklisted by the US Treasury — setting up an acid test of Moscow's ability to get around aggressive measures imposed by Washington earlier this month.

Russia has suffered a major economic setback, after China and India halted their purchases of Kremlin oil. Oil and gas revenues are vital sources of revenue, accounting for between a third and half of Russia 's federal budget over the last decade. In particular, these revenues play a key role in helping Putin to finance his war in Ukraine.

The crude oil market is adapting quickly to the new sanctions against Russia's shadow fleet of tankers, albeit by creating both short- and medium-term winners and losers.

The latest U.S. sanctions on Russia’s oil and gas sector have raised the cost of chartering tankers not under restrictions so significantly that trade with China and India for delivery in March has stalled,

Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped,

India has allowed Russian insurer Soglasie Insurance Company to provide marine cover to tankers entering Indian ports, according to Indian ship regulator's website, as New Delhi wants steady supply of cheaper Russian oil despite latest U.

Russia has continued to send cargoes of crude oil to India on tankers that have been sanctioned by the US, Bloomberg reported on Tuesday. This situation presents a crucial test of Moscow’s ability to circumvent the stringent sanctions implemented by Washington earlier this month.

Trade for March-loading Russian oil in China and India has stalled due to soaring shipping costs triggered by U.S. sanctions introduced on Jan. 10, Reuters reported on Jan. 28. The sanctions target nearly 200 vessels in Russia's "shadow fleet,

China and India have suspended March purchases of Russian oil as U.S. sanctions drive up shipping costs, Reuters reported Tuesday, citing traders and shipping data. The U.S. Treasury Department earlier this month targeted 183 vessels,