US Sanctions Russian Oil Giants Prompt China, India to Cut Imports

President Donald Trump has imposed significant sanctions on Russia's two largest oil companies, Rosneft and Lukoil, marking a strong move to pressure the Kremlin amid its ongoing war in Ukraine. These sanctions freeze U.S.-linked assets and prohibit American entities from doing business with these firms, aiming to choke off funding for Russia's military operations. The announcement followed the cancellation of a planned summit between Trump and Russian President Vladimir Putin, reflecting frustration over stalled peace talks despite ongoing dialogue. The sanctions have triggered immediate global effects, including a surge in oil prices and major buyers like China and India scaling back their Russian crude purchases to avoid jeopardizing access to the American financial system. Indian oil giants, including Reliance and Bharat Petroleum, are recalibrating their supply chains in alignment with government guidelines to comply with the sanctions. Treasury Secretary Scott Bessent emphasized readiness to implement further measures if necessary to support Trump's efforts toward ending the conflict.