The US sanctions have targeted not only the Russian financial system but also the shipping industry. Earlier, sanctions were announced on ships owned by PSB Leasing, a subsidiary of Russia’s Promsvyazbank Public Joint Stock Co, hindering crude imports from Russia. Asian crude buyers are also worried about their sourcing from Russia. Further, the Northwest Republicans are pushing Biden to boost US oil and gas production and proceed to sanctions on Russian energy exports. If such sanctions are imposed it will severely disrupt the global economies.
Previously the oil prices were high due to the pandemic that imbalanced the demand-supply ratio. Now the war is expected to further drive the crude prices upwards.
Source: Hellenic Shipping