The United States has announced new sanctions on Russian oil companies as President Donald Trump grows frustrated over Russia’s refusal to end the war in Ukraine. This is the first time during his second term that Trump has taken action against Russia over the Ukraine war.
The sanctions target Rosneft and Lukoil, two of Russia’s biggest oil companies. Trump said these sanctions are meant to pressure Moscow into agreeing to a ceasefire. The US Treasury Department said that the two companies play a big role in funding Russia’s war efforts and warned that more actions could follow if the war continues.
The move comes after the European Union (EU) also announced a 19th round of sanctions against Russia, including a ban on Russian natural gas imports.
At the same time, Trump made headlines for his remarks about India’s oil trade with Russia. During Diwali celebrations at the White House, he claimed that Prime Minister Narendra Modi told him India would “not buy much oil” from Russia anymore. Trump said Modi also wants the war to end and has already reduced oil imports from Moscow.
However, Indian officials have not confirmed Trump’s claim. Last week, India’s Ministry of External Affairs spokesperson said he was “not aware” of any such conversation between Modi and Trump. Trump responded that if India denies it, they might face high tariffs — referring to the 50% tariffs the US has already placed on India, partly for continuing to buy Russian oil.
Meanwhile, plans for a meeting between Trump and Russian President Vladimir Putin have been put on hold. Although earlier reports suggested a meeting might take place soon in Budapest, the White House later said Trump has “no plans” to meet Putin in the near future.
Both Rosneft and Lukoil are already under sanctions by the United Kingdom as well. These companies are deeply involved in the production, refining, and sale of oil and gas both within Russia and globally.
