Sanctions on oil firms

THE US and the EU are hitting Russia with another round of sanctions, aiming to cut into oil and gas export earnings that fund Moscow’s war against Ukraine.

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More than three and a half years into the war, the effort remains a cat-and-mouse game, with Russia finding new ways to get around sanctions, and Washington and Brussels adding new ones and looking for ways to plug enforcement gaps.

The chief target of the latest round was Russia's biggest oil companies, Rosneft and Lukoil.

New US sanctions threaten their customers in India and China with retaliation that could include being sanctioned themselves.