Core Viewpoint - Russia, as the world's second-largest oil exporter, is facing a new wave of sanctions aimed at cutting off funding for its military operations in Ukraine, particularly targeting major oil companies like Rosneft and Lukoil, which account for nearly 50% of Russia's crude oil exports and over 5% of global oil production [1][3]. Group 1: Sanctions and Their Impact - The U.S. Treasury has previously imposed sanctions on various Russian energy companies and service providers, but these measures did not significantly curb Russian oil exports. The latest sanctions are more stringent, with the EU also implementing a ban on Russian liquefied natural gas and lowering the price cap for Russian crude oil to $47.6 per barrel [3][4]. - The sanctions have led to a shift in oil import patterns, with India's largest refinery planning to significantly reduce or halt imports of Russian oil, which could create a gap in Russian oil exports. In contrast, China continues to maintain stable imports, accounting for 40% of Russian oil exports [4][5]. Group 2: Russia's Response and OPEC+ Dynamics - The Kremlin has adopted a defiant stance, asserting that sanctions will not significantly impact the Russian economy and may even lead to higher oil prices that could hurt the West. However, there are internal contradictions as stopping oil exports could harm relationships with allies like Kazakhstan [5][6]. - Disagreements within OPEC+ are becoming more pronounced, with Saudi Arabia advocating for increased production to regain market share, while Russia is cautious about increasing output due to the potential impact of sanctions [6].