US and EU Sanction Major Russian Oil Firms Amid Ongoing Ukraine Conflict

The United States has imposed stringent sanctions on Russian oil giants Rosneft and Lukoil, aiming to curb revenue that fuels Russia's military actions in Ukraine. This move reflects increasing frustration with Russian President Vladimir Putin's refusal to end the conflict. The sanctions, the most significant against Russia's energy sector since the war began, are designed to cripple key financial sources for Russia's war efforts.

The European Union has joined the US in this effort, implementing a series of sanctions targeting Russian gas, oil, and financial sectors. This includes a phased ban on liquefied natural gas imports by 2027 and restrictions on Russian diplomatic travel. Both the US and EU aim to cut off revenue streams that support the Russian economy during the ongoing conflict.

Globally, these sanctions have led to a spike in oil prices, as markets react to potential supply shortages. Countries like India, facing increased tariffs, are reconsidering their import strategies from Russia. Meanwhile, the Kremlin criticizes these sanctions as counterproductive, while Ukrainian President Volodymyr Zelenskyy praises the measures, seeing them as vital support in defending Ukraine's territorial integrity.