Sanctions On Two Russian Oil Firms : US imposes sanctions on two of Russia’s major oil companies

Washington DC (USA) – Following the cancellation of the planned Trump–Putin meeting scheduled for 22nd October, the United States has imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil corporations. According to the US Treasury Department, the move aims to curb Russia’s war funding. The department stated that these sanctions were imposed because Russia has failed to show any genuine intent to end the war with Ukraine. As a result, all assets and interests of these companies under US jurisdiction have been frozen. In addition, 36 subsidiaries in which Rosneft or Lukoil hold a direct or indirect stake of 50% or more, have also been brought under the sanctions.

US sanctions will drive up oil prices : Putin

Russian President Vladimir Putin has criticised the decision taken by US President Donald Trump, warning of global consequences. ‘The sanctions imposed on Russian oil companies will reduce oil supply, which will lead to a rise in oil prices — not only in Russia, but also in the United States and across the world’, Putin said.