Slippery slope of energy wars

Trump’s action against Moscow will resonate beyond Russia. It has implications for India as well

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The sanctions announced by the US against Russian oil majors, Rosneft and Lukoil, which President Donald Trump has described as Moscow’s war ATMs, will have repercussions beyond Russia.

Any bank that facilitates purchases from these two companies, which together account for half of Russia’s crude production and exports, risks potential secondary sanctions from the US banking system. This is the first major sanctions initiative by the Trump Administration since it took charge in January, and marks a major shift in President Trump’s approach to the Ukraine war. The US pivot on Russia has multiple implications.