We won't bow to US pressure, says Putin

Vladimir Putin has said Russia will never bow to US pressure but conceded new sanctions could cause economic pain, as China and India were reportedly scaling back Russian oil imports after Washington targeted Moscow's two largest producers.

- Pjotr Sauer

The US imposed sanctions on Rosneft and Lukoil on Wednesday, as well as nearly three dozen of their subsidiaries, as it increased pressure on the Kremlin to negotiate an end to its war against Ukraine. The EU separately discussed a loan for Ukraine secured on frozen Russian assets and agreed to a phased ban on the import of Russian liquefied natural gas.

The measures against Rosneft and Lukoil - which together account for just under half of Russia's crude exports, and follow UK sanctions last week on the companies - were the first imposed on Moscow since Donald Trump returned to the White House in January and are aimed at choking off the oil revenues that fund the Kremlin's war machine.

Washington hopes the sanctions, which led to a 5% increase in global oil prices, will pressure Putin to return to negotiations.

Putin yesterday described the sanctions as an "unfriendly act that does nothing to strengthen RussianAmerican relations" and a "futile" attempt to put pressure on Russia.

"No self-respecting country ever does anything under pressure," he added in comments to journalists.