The latest US sanctions on Russia's oil industry could significantly disrupt global oil supply, potentially affecting 300,000 to 800,000 barrels per day (b/d), according to a report by Citi. Announced on January 10, 2025, these sanctions target nearly 30% of Russia's crude oil exports, complicating logistics by affecting over 180 vessels in the shadow fleet. "We estimate the measures target nearly 30% of Russia crude oil exports, or roughly 800-k b/d," Citi analysts note. However, Russia might mitigate the impact by increasing refinery runs, potentially limiting the loss to 300,000 b/d. The sanctions have already influenced market dynamics, with ICE Brent futures M1/M2 spreads widening by 20 cents to nearly $1 per barrel. As geopolitical tensions rise, the oil market faces heightened uncertainty, with potential implications for global energy prices and economic policy.