An American official explained during a conference call with journalists that Chinese and Indian entities are “risk averse” and therefore refrain from transactions with Russian giants. According to him, these companies realize the importance of relations with Western countries and try to avoid actions that could expose them to sanctions.
A representative of the Treasury Department also warned that from the moment the sanctions enter into force, any company purchasing Russian crude oil may be subject to restrictions.
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US sanctions on Russia. There are exceptions
Although the sanctions will formally come into force on Friday, the US Treasury Department has introduced a number of exceptions. Lukoil was given until December 13 to sell its foreign assets and gas stations. Moreover, sanctions against Lukoil's subsidiaries in Bulgaria have been postponed until April 2026, which is intended to enable the sale of the Burgas refinery.
Rosneft, the second sanctioned giant, was also partially exempt from the restrictions. The sanctions do not cover the company's shares in the Kazakh oil deposits in Tengiz and the consortium managing the pipeline transporting oil from these deposits to the Russian port of Novorossiysk. American companies Chevron and ExxonMobil also have shares in this consortium.
Additionally, the German-owned Rosneft company that manages the refinery in Schwedt was previously excluded from sanctions for a year. A similar exemption has also been announced for Hungary, although details of this decision have not yet been published.
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The effect of sanctions on the oil market
According to data from Bloomberg, the consequences of restrictions on orders for Russian oil are already starting to be visible on the market. The price of Urals oil, exported from Novorossiysk, fell last week to its lowest level in 2.5 years.
