On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels, largely oil tankers.

Russia's vast Arctic oil business is facing major disruption from U.S. sanctions on its tankers and depots, stranding crude supplies previously snapped up by Asian buyers in storage, according to three sources familiar with its logistics.

Indian Oil Corp has purchased 7 million barrels of Middle Eastern and African crude oil, including Abu Dhabi's Murban, amid U.S. sanctions on Russian oil.

The price for shipping Russian ESPO crude oil to China has more than tripled following the recent US sanctions on Moscow's oil industry, Bloomberg reported. Traders expect these rates to rise even further.

"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.