U.S. Sanctions Russian Oil Majors Over Ukraine, Prompting India Jitters and Moscow Fury

MOSCOW, Oct 23 — U.S. President Donald Trump has imposed sweeping sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, marking a dramatic shift in his administration’s policy toward Moscow’s war in Ukraine.

The new measures — unveiled Wednesday — sent global oil prices up 3%, rattled energy markets, and caused India to reconsider its imports of Russian crude. Together, Rosneft and Lukoil account for more than 5% of global oil output, making the move one of Washington’s most significant actions yet against Moscow’s wartime economy.

Trump said he canceled a planned summit with Russian President Vladimir Putin, citing a lack of progress in peace efforts. “It just didn’t feel right,” Trump told reporters. “We weren’t getting to where we needed to be.”

The Kremlin dismissed the sanctions as “unproductive” and vowed a “painful response” if the European Union proceeds with plans to use frozen Russian assets to fund a €140 billion loan for Ukraine.

Russian Foreign Ministry spokeswoman Maria Zakharova said Moscow has developed “a strong immunity” to Western sanctions. Former President Dmitry Medvedev went further, calling Trump’s move “an act of war.”

Meanwhile, Russian drones continued to bombard Ukrainian cities, injuring at least nine people overnight, as the war entered its fourth year.

 (Reuters)