The latest sanctions package would certainly have an impact on India’s oil imports, given Russia is currently the biggest crude oil source market for India. How it would really pan out would be contingent upon various variables.

Oil-freight derivatives trading surged to the highest in at least a decade as the Biden administration’s sanctions on Russia continued to propel supertanker rates higher.

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new U.S. sanctions on Russian oil exports to key buyers India and China.

Aluminum ticked higher, with the European Union considering import restrictions on Russian metal and Chinese production growth expected to slow.

The European Union is considering a gradual ban on Russian liquefied natural gas (LNG) and new restrictions on Russian aluminum as part of its next round of sanctions, Bloomberg reported on Jan. 14, citing undisclosed officials.

The European Commission intends to propose a gradual ban on imports of Russian primary aluminium in the latest sanctions package against Russia over its invasion of Ukraine, diplomats said Tuesday. The bloc so far has banned aluminium products including wire,