The ongoing conflict between Russia and Ukraine has led to a significant tightening of sanctions from both the United States and the European Union. The US government, under President Trump, has imposed new sanctions targeting major Russian oil companies, Rosneft and Lukoil, to cut off oil revenues that fund Russia's military activities. These measures have caused a spike in global oil prices, as markets react to the disruption in oil exports.
The European Union has also stepped up its pressure on Russia, implementing its 19th sanctions package which includes a ban on liquefied natural gas imports from Russia starting in 2027. The EU is contemplating using €140 billion in frozen Russian assets to support Ukraine's recovery, though this plan has faced resistance from some member states, including Belgium.
Meanwhile, Ukrainian President Volodymyr Zelenskyy continues to call for increased military support from Western allies, thanking them for their existing sanctions but urging more decisive action. As economic pressures mount on Russia, President Vladimir Putin has warned of potential repercussions, yet expresses resilience against yielding to external demands. Despite these efforts, experts remain skeptical about the immediate impact on Russia's financial capacity to sustain its military operations.
