US sanctions Russia's top oil firms amid Ukraine conflict

The United States has imposed full blocking sanctions on Russia's two largest oil producers, Rosneft and Lukoil, in a move aimed at crippling Moscow's ability to finance its war effort in Ukraine. This action marks a significant shift in President Donald Trump's approach, following the cancellation of a planned summit with Russian President Vladimir Putin, and reflects frustration with Russia's lack of commitment to peace. The sanctions cut off these companies from the U.S. banking system, prohibiting dollar transactions and threatening foreign institutions with severe penalties for violations. The announcement was accompanied by a call for an immediate ceasefire from U.S. Treasury Secretary Scott Bessent, as well as increased scrutiny on Russia's nuclear drills and military posturing. Oil prices reacted sharply to the sanctions, with Brent crude rising nearly 5% and West Texas Intermediate also climbing, driven by both supply concerns and strong U.S. energy demand. Meanwhile, President Trump plans to discuss the enforcement of these sanctions and related geopolitical issues, including China's purchase of Russian oil, during upcoming meetings with international leaders.