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.

STORY: Chinese and Indian refiners are scouring the globe for supplies of crude, according to traders speaking to Reuters..It follows a move by the US last week to impose sanctions on Russian oil producers Gazprom Neft and Surgutneftegas.

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.