Trump Targets Russian Oil Giants with Sanctions, Sparking Global Market Turmoil

U.S. President Donald Trump imposed economic sanctions on Russian oil giants Rosneft and Lukoil, escalating tensions over Russias actions in Ukraine and causing global oil prices to spike.

On Thursday, the United States Department of the Treasury announced sanctions against Russias top oil companies, Rosneft and Lukoil, which produce over 5% of global petroleum output.
This policy shift from Donald Trump comes shortly after he expressed a more lenient stance towards Russia, highlighting a significant change in U.S. foreign policy regarding Vladimir Putins actions in Ukraine.
In response to the sanctions, global oil prices surged by 3%, and India is considering reducing its imports of Russian oil, signaling potential shifts in international trade dynamics.

Why It Matters

These sanctions reflect a critical turning point in U.S.-Russia relations and could have lasting impacts on global petroleum markets and international alliances amid ongoing conflicts in Ukraine.