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.

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

Russia has continued to send cargoes of crude oil to India on tankers that have been sanctioned by the US, Bloomberg reported on Tuesday.

The United States recently imposed sweeping sanctions on Russia, targeting its oil producers and shipping networks. This has made it difficult for many countries, including India, to continue sourcing Russian crude oil.

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.

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,

As reported by Reuters, these sanctions have already had tangible effects. The main recipients of Russian oil, China and India, have suspended purchases from Russia because the de