China and India may seek oil from other regions, while Russia might offer discounts.

The United States and Britain on Friday announced sanctions against Russia's energy sector, including oil giant Gazprom Neft, just days before outgoing President Joe Biden leaves office.

Oil prices rose to their highest in more than four months as wider U.S. sanctions against Russia’s energy industry threaten to disrupt global supplies.

The Kremlin said on Monday that the latest round of U.S. sanctions on the Russian energy sector risked destabilising global markets, and Moscow would do everything possible to minimise their impact. "It is clear that the United States will continue to try to undermine the positions of our companies in non-competitive ways,