US EU UK Expand Sanctions Targeting Russian Oil Industry Amid Ukraine Conflict

The United States, under President Donald Trump, has imposed new sanctions targeting Russian oil giants Rosneft and Lukoil, aiming to pressure President Vladimir Putin to end the war in Ukraine. This action caused a 5% rise in global oil prices and led countries like China and India to reconsider their Russian oil imports. In response, OPEC plans to increase production to offset potential market shortages, with Kuwait's oil minister noting a strategic shift to meet rising demand from the Gulf and Middle East. The European Union has also intensified sanctions, adding numerous Russian oil tankers to its blacklist to restrict Moscow's revenue streams, signaling a coordinated international effort to undermine Russia's war financing. These sanctions reflect a significant escalation in economic pressure on Russia, while the EU emphasizes its commitment to curtailing funds that fuel the conflict. Meanwhile, the broader geopolitical tension extends beyond energy markets, but the focus remains sharply on restricting Russia's oil trade as a lever for peace negotiations.