The Biden Administration’s farewell sanctions on Russian oil trade were the most aggressive yet and sanctioned dozens of vessels that Russia used to ship the ESPO crude blend from Kozmino to China’s independent refiners.

Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices.

For Russian oil, tougher sanctions imposed a month ago by the outgoing Biden administration have driven up costs for refiners in China and India, with March ESPO Blend crude traded at $2 to $3 above ICE Brent on a DES basis to China, the highest premiums in more than two years, three trade sources said.