This has caused global oil prices to spike by more than 3% on Thursday.
The United States has hit Russia’s two largest oil companies, Rosneft and Lukoil, with sweeping sanctions in a major escalation of pressure over Moscow’s ongoing war in Ukraine. This has caused global oil prices to spike by more than 3% on Thursday.
Trump framed the sanctions as a response to Russian President Vladimir Putin’s refusal to end the „senseless war“ in Ukraine. US Treasury Secretary Scott Bessent said the sanctions target the Kremlin’s ability to fund the conflict, urging allies to follow suit.
The White House gave companies until November 21 to wind down dealings with the Russian oil producers.
