Sanctions, Iran, and the Russian Resistance

On the way out, the Joe Biden Administration levied even more sanctions. First off, China is not letting Russian vessels into its ports. Second, the need for energy does not end. Our late industrial society still relies on fossil fuels. So predictably, both India and China are looking for new sources of energy:

China and India urgently seek oil in the East and Africa after sanctions against Russia😬🤣

Chinese and Indian refiners are scouring the world for crude supplies after new U.S. restrictions on Russian oil exports were imposed on Friday, traders said.

The sanctions targeted Gazpromneft and Surgutneftegaz, their subsidiaries, and 183 vessels transporting Russian oil. Many of these tankers were used to deliver oil to India and China, which have become the largest consumers of Russian oil since Western sanctions were imposed in 2022. Some of the vessels also transported oil from Iran.

Traders said the measures had disrupted trade in sanctioned crude, forcing Chinese and Indian refineries to return to buying unaffected crude, reducing supply and raising premiums for spot shipments from the Middle East, Africa and Brazil.

Traders speaking on condition of anonymity said China’s Yulong, which had previously bought Russian ESPO grade, had in recent weeks contracted 2…