Russian officials say rescue workers have successfully removed almost 1,500 tons of oil stranded onboard a tanker that ran aground in December, sparking a devastating oil spill that has damaged miles of coastline along the Black Sea.

Freight rates for Russian ESPO Blend oil loading from the Far Eastern port of Kozmino have jumped fivefold amid a lack of vessels after fresh U.S. sanctions cut availability of tankers, three traders said and data showed.

The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow's oil revenue, India's oil secretary Pankaj Jain told reporters at an event.

The recent implementation of new US sanctions targeting Russian oil producers, tankers, and insurers has created a disruption in the supply chain. Middlemen who were previously involved in supplying Russian oil to Indian refiners,