On Jan. 10 the US Treasury’s Office of Foreign Assets Control sanctioned 161 tankers and traders involved in about 2,000 shipments since the invasion began. It also acted against Moscow-based ship insurers and two companies — Surgutneftgas and Gazpromneft — which in the first 10 months of last year accounted for almost 30% of Russia’s oil exports.

Oil prices recovered on Monday as supply concerns persisted after Washington imposed two rounds of sanctions in the past two weeks on Russia's energy sector over the Ukraine war. Brent crude futures climbed 34 cents,