US sanctions Russian oil majors
Published by Elizabeth Corner,
Senior Editor
Oilfield Technology,
US President Donald Trump hit Russia's two biggest oil companies with sanctions in his latest sharp policy shift on Moscow's war in Ukraine, prompting global oil prices to rise by 3% on Thursday and India to consider cutting Russian imports.
The sanctions target oil giants Rosneft and Lukoil, which between them account for more than 5% of global oil output, and mark a dramatic U-turn by Trump, who said last week that he and Russian President Vladimir Putin would hold a summit in Budapest soon to try to end the war in Ukraine.
The announcement came one day after US President Donald Trump said a planned meeting with his Russian counterpart Vladimir Putin in Budapest would be shelved indefinitely.
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