New Delhi, March 21 -- Despite new US sanctions imposed in January, Russian oil exports have remained largely unaffected and continued almost as normal, according to HSBC Global Research.

"Russian exports have continued almost as normal despite new US sanctions announced in January," says the report.

Supply disruptions are the main upside risk to crude prices, as so far most sanctions-related newsflow has largely been noise and none have materialised. Efforts by India, China, and Russia to restore trade links have helped minimize disruptions, suggesting that any supply disruptions will likely be temporary.

Oil prices have declined in recent weeks, falling to around USD 70 per barrel, as global supply remains strong and economic concern...