The delivery of a two-million-barrel cargo of Russian oil to China took seven times longer than it would have done prior to a round of US sanctions imposed on Moscow back in January.

The administration of U.S. President Donald Trump did not extend the sanctions waiver that allowed transactions with Russian banks related to the trading of Russian energy carriers. The decision to terminate this loophole was made by Joe Biden's administration and expired on Tuesday.

The European Union agreed on Friday to renew sanctions on Russian individuals and entities but kept Russian tycoon Mikhail Fridman on the list despite pressure from Hungary, EU diplomats said. EU sanctions must be renewed every six months in a unanimous vote by the 27 member states' ambassadors to Brussels.