Donald Trump has imposed sanctions on Russia’s two largest oil companies – and aired his frustration with Vladimir Putin.
In a major policy shift, new restrictions have been unveiled against Rosneft and Lukoil – as well as dozens of subsidiaries – due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine”.
Ukraine war latest: US hits Russia’s biggest oil firms with sanctions
It’s caused a jump in the oil price as the market expects lower flows.
After hitting a five-month low on Monday, the benchmark oil price rose 3.4%.
A barrel of Brent crude now costs $64.73, a high last seen nearly two weeks ago.
“Now is the time to stop the killing and for an immediate ceasefire,” US treasury secretary Scott Bessent said in a statement.
“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. We encourage our allies to join us in, and adhere to, these sanctions.”
The move marks a significant change for the Trump administration, which has veered between pressuring Moscow and taking a more conciliatory approach aimed at securing peace in Ukraine.
Trump frustrated with Putin
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