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.

China’s state oil companies and large private refiners are snapping up crude cargoes from the Middle East and elsewhere, hastening preparation for potential disruption in fuel supply as tighter sanctions on Russia and Iran threaten to curb near-term crude flows.

Three tankers with more than 2 million barrels of russian oil are floating in waters off eastern China and cannot be unloaded after the U.S. imposed new