Trump's Sanctions Against Russian Oil Giants Spark Global Implications

U.S. President Donald Trump imposes sanctions on Russian oil giants Rosneft and Lukoil, marking a policy reversal amid the Ukraine war. The move raises global oil prices by 5% and prompts India to consider cutting Russian imports. Moscow dismisses the impact while the EU pushes for further sanctions.

President Donald Trump has imposed sanctions on Russia's leading oil companies, Rosneft and Lukoil, radically shifting his stance on Moscow amid its ongoing conflict with Ukraine. This move has led to a nearly 5% increase in global oil prices, with India contemplating a reduction in Russian imports.

The sanctions, aimed at squeezing Russia's financial resources, have prompted Chinese state oil firms to temporarily halt Russian oil purchases. India's decision to cut down on Russian oil imports further strains Moscow's revenue, forcing top global importers to search for alternatives and pushing up prices.

Despite the sanctions' potential financial constraints, Russia signals its conditions in the Ukraine war remain unchanged. Meanwhile, the EU continues to tighten sanctions, banning Russian LNG imports, as Ukraine's President Zelenskiy urges more pressure on Russia to reach a ceasefire.

(With inputs from agencies.)