Oil Sanctions: A Global Power Play

The U.S. imposed sanctions on Russia's biggest oil companies to pressure the Kremlin to end the war in Ukraine, escalating global tensions. This diplomatic maneuver impacts markets and international relations, with major buyers like China and India pausing Russian oil purchases. Meanwhile, the EU intensifies its restrictions on Russian energy.

In an escalating diplomatic conflict, the United States has targeted Russia's oil giants, Rosneft and Lukoil, with sanctions in a bid to pressure President Vladimir Putin to end the ongoing war in Ukraine. This move has triggered a 5% surge in global oil prices and caused Chinese and Indian refiners to pause Russian oil purchases.

These sanctions mark a significant policy reversal for U.S. President Donald Trump, disrupting a previously scheduled summit with Putin. While the immediate financial impact on Russia may be limited, the sanctions signal a strong intent to leverage economic measures to push for peace negotiations.

The European Union is also stepping up its pressure by imposing its 19th package of Russian sanctions, targeting liquefied natural gas imports, and further limiting Moscow's revenue sources as the conflict continues to impact international relations and global markets.

(With inputs from agencies.)