Indian and Chinese refineries are moving to comply with U.S. sanctions on Russia

Indian and Chinese banks and refineries are moving to comply with the U.S. sanctions on Russia's two biggest oil companies, a U.S. Treasury official said.

The Trump administration imposed sanctions last month on Lukoil and Rosneft in an effort to cut revenues Moscow uses for its nearly four-year-old war on Ukraine. China and India are the top buyers of Russian oil.

Many Chinese and Indian entities are conscious of the sanctions and are "risk averse, do recognize the importance of the relationships with the West, and are moving to comply," the official told reporters in a call.

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