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.

Indian and Chinese refiners are in a quest to find new suppliers of crude as they adapt to fresh US sanctions on Russian producers and tankers that are designed to curb the revenues of the world's second-largest oil exporter.

India is set to reject oil tankers sanctioned by the US for their role in moving cargoes for Russia, another example of impact that Washington’s measures are having on the global oil market.