U.S. Sanctions Target Russian Oil Giants Amid Ukraine Conflict

In a significant policy move, the United States imposed sanctions on Russia's leading oil companies, Rosneft and Lukoil, in response to Moscow's war in Ukraine. This decision, announced by President Donald Trump, led to a 5% rise in global oil prices, prompting India to rethink its Russian oil imports.

The sanctions signify a remarkable shift for Trump, who previously planned a summit with Russian President Vladimir Putin. The meeting was canceled, with Trump expressing doubts about achieving desired outcomes. Moscow, unfazed by the sanctions, insisted on its original terms to end the conflict, terms considered unacceptable by many European countries, including Kyiv.

As the conflict continues to escalate, Ukrainian President Volodymyr Zelenskiy praised U.S. actions but emphasized the need for further pressure on Moscow. Meanwhile, U.S. Treasury Secretary Scott Bessent highlighted the strategic aim to cripple Russia's war funding. The geopolitical tension has added volatility to the oil market, influencing international trade strategies.