Trump's Sanctions on Russia Ignite Global Oil Tensions

The U.S., under President Trump, announced sanctions on Russia's major oil firms, leading to a rise in global oil prices and a reconsideration of Russian imports by India. This marks a significant policy shift from the previous week, disrupting planned talks with Russian President Putin over Ukraine's conflict.

U.S. President Donald Trump has sanctioned Russia's two leading oil companies, Rosneft and Lukoil, in response to the ongoing conflict in Ukraine, causing a 3% rise in global oil prices. India is now contemplating reducing its Russian oil imports amid this geopolitical development.

The sanctions represent a dramatic policy reversal by Trump, who had only recently planned a summit with Russian President Vladimir Putin to address the Ukraine conflict. However, citing a lack of progress, Trump canceled the talks, emphasizing a strategic move to cut Russia's war funding avenues.

U.S. Treasury Secretary Scott Bessent has urged allies to support the sanctions, while Russia's Foreign Ministry remains defiant. Meanwhile, Ukraine has welcomed U.S. efforts, despite Moscow's ongoing military advancements. The global oil market remains tense as countries like India adjust to the new regulatory landscape.

(With inputs from agencies.)