Global Tensions Rise as U.S. Sanctions Hit Russian Oil Giants

U.S. President Donald Trump imposed sanctions on Russia's major oil companies Rosneft and Lukoil, intensifying pressure on President Vladimir Putin to end the Ukraine war. The move triggered a global oil price surge, prompted China's oil majors to halt purchases, and saw Indian refiners cut imports from Russia.

U.S. President Donald Trump escalated tensions on Thursday by sanctioning Russia's key oil companies, Rosneft and Lukoil, to pressurize Russian President Vladimir Putin into ending the Ukraine conflict. This bold step caused global oil prices to soar by 5%, as Chinese oil majors paused Russian purchases.

In response to these sanctions, Russia's geopolitical ally India plans to significantly reduce its crude imports. This action marks a stark shift in Trump's approach, having considered a summit with Putin to resolve the crisis just days earlier.

Reacting to the sanctions, Putin criticized them as hostile, insisting they would not severely impact Russia's economy. Nonetheless, EU leaders and Ukraine's President Zelenskiy continue to push for further restrictions on Moscow, aiming for a ceasefire in the ongoing war.

(With inputs from agencies.)