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US sanctions Russian oil cos
Orissa POST
|October 24, 2025
Refiners in India set to sharply cut crude imports: Report
US President Donald Trump hit Russia’s two biggest oil companies with sanctions in a sharp policy shift on Moscow’s war in Ukraine, prompting global oil prices to rise by 5 per cent Thursday and India to consider cutting Russian imports.
The sanctions target oil giants Rosneft and Lukoil, which between them account for more than 5 per cent of global oil output, and mark a dramatic U-turn by Trump, who said only last week that he and Russian President Vladimir Putin would soon hold a summit in Budapest to try to end the war in Ukraine.
While the extent of the financial hit on Russia may be limited in the short term, the move is a powerful signal of Trump’s intent to squeeze Russia’s finances and try to force the Kremlin towards a peace deal.
This story is from the October 24, 2025 edition of Orissa POST.
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