The United States imposing sweeping sanctions on Russia’s two largest oil producers, Rosneft and Lukoil, could strain crude supplies to Asia’s biggest importers, China and India, though analysts say an immediate shock is unlikely, according to a CNBC report.

The US Treasury Department said the measures were imposed due to Moscow’s “lack of serious commitment” to ending the war in Ukraine and are intended to “degrade the Kremlin’s capacity to finance its military operations.” Companies have until November 21 to wind down dealings with the two firms.

'Significant escalation' by the US

Together, Rosneft and Lukoil account for about half of Russia’s 4 million barrels per day of crude exports, most of which flow to Asian buyers. In September, China imported around 2 million barrels per day o

See Full Page