India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

"This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.

Six Russian tankers still under construction at Russia's Zvezda shipyard have been sanctioned by the United States. This is the first time that Washington has banned tankers before they even set sail.