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.

Russia has emerged as the top supplier of oil to India in the past three years as it offered crude at discounted prices after its invasion of Ukraine in 2022.

India will not allow tankers carrying Russian oil subject to American sanctions to enter its ports, Bloomberg reported. This represents a significant setback for Vladimir Putin's strategy. The Indian market became one of the key ones for Russia after the EU decided to abandon Russian raw materials following the invasion of Ukraine.

The Biden administration has issued new restrictions on the export of US-developed computer chips that power artificial intelligence (AI) systems, in a final effort to prevent rivals like China from accessing the advanced technology,

The Biden administration is set to announce a new rule to regulate the export of advanced AI chips, aiming to restrict access for nations like China while trading with 18 key allies and partners.

President Joe Biden is planning one more round of export restrictions on AI chips to limit some countries' access to the key technology.