Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.

The United States announced a sweeping sanctions package targeting Russia’s oil trade on Friday (January 10), with 183 tankers—a sizable part of the so-called shadow fleet that has kept Russian oil flowing to major consumers such as India and China—being placed under sanctions.

U.S. and global benchmark crude-oil prices settled Monday at their highest since August as investors focused on the potential supply hit from further tightening of U.S. sanctions on Russia’s oil sector.

The Biden administration has issued new restrictions on the export of US-developed computer chips that power artificial intelligence (AI) systems, in a final effort to prevent rivals like China from accessing the advanced technology,

The Biden administration is set to announce a new rule to regulate the export of advanced AI chips, aiming to restrict access for nations like China while trading with 18 key allies and partners.