U.S. Sanctions Rosneft, Lukoil; Allies Rally

On Oct. 22 the U.S. imposed sanctions on Russia’s largest oil firms Rosneft and Lukoil — the first such measures under President Trump — and the Kremlin called them “unfriendly” while U.S. officials said further penalties could target Russia’s banks and oil-export infrastructure. President Trump said he would not meet Vladimir Putin unless the Russian leader shows seriousness about ending the war. The sanctions came amid massive Russian missile-and-drone barrages that killed civilians, including children and a reported strike on a kindergarten, even as Ukraine intercepted hundreds of projectiles. International backers meeting in London’s “Coalition of the Willing” pledged to ratchet up pressure with further oil- and asset-targeted measures, and Ukrainian President Volodymyr Zelenskyy reiterated the need for long-range strike capabilities. On the battlefield, both sides are rapidly improvising — from jet-powered bombs to converted single-seat light planes used as long-range unmanned strike vehicles. Russian officials, including Kirill Dmitriev, downplayed the sanctions’ economic impact by saying higher oil prices could offset lost volumes, while some markets and analysts warn the measures will hit Kremlin revenues.