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.

Millions of barrels of oil that would normally be preserve of oil refineries in Europe are instead heading to Asia as US sanctions on Russia revive one of the market’s great arbitrage trades.

Indian Oil remains confident about energy availability for India saying US sanctions imposed on Russian oil would have "marginal impact" on crude availability for the country, said Chairman A S Sahney.

The rush to buy replacement cargoes for sanctioned Russian oil has pushed Middle Eastern crude prices to an unusual premium to the global benchmark.

The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow's oil revenue, India's oil secretary Pankaj Jain told reporters at an event.

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,

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.

In China, there is a lack of interest in March deliveries of oil from Russia following the imposition of new American sanctions on the Russian "shadow fleet", which have led to increased tanker transport costs not covered by these sanctions,

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.