Trump's Bold Sanctions: A New Chapter in US-Russia Relations

President Donald Trump sanctioned Russia's major oil firms Rosneft and Lukoil, increasing global oil prices by 5%. The move aims to pressure Russia financially amid the Ukraine conflict. China and India might reduce their Russian oil imports, straining Moscow's revenue. EU sanctions target Russian LNG, escalating tensions.

In a strategic policy pivot, U.S. President Donald Trump has imposed sanctions on Russia's major oil companies, Rosneft and Lukoil, propelling global oil prices up by 5% as of Thursday. This marks a significant U-turn in Trump's stance towards Russia amidst ongoing tensions over the conflict in Ukraine.

The immediate financial impact on Russia remains uncertain, but the sanctions send a strong message about Trump's resolve to squeeze Russia's economy. President Vladimir Putin dismissed the move as an unfriendly act with little economic impact, signaling potential repercussions for global markets.

The sanctions have already prompted a cautious reaction from global oil players. China has suspended Russian oil purchases, while India, a key buyer, is reportedly cutting imports. This shift could lead to substantial revenue losses for Moscow, compelling it to seek new buyers and possibly impacting global oil dynamics.

(With inputs from agencies.)