Highlights:
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US President Donald Trump sanctions Russia’s top oil companies, Rosneft and Lukoil, amid the Ukraine war.
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This marks Trump’s first Ukraine-related sanctions during his second term.
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Trump claims PM Modi assured him India will drastically reduce Russian oil imports.
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India faces steep 50 per cent US tariffs for continuing Russian crude purchases.
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Planned Trump-Putin meeting cancelled amid growing tensions.
In his first Ukraine-related move of the second term, president Donald Trump has announced sweeping sanctions on two of Russia’s largest oil firms, Rosneft and Lukoil, over Moscow’s continued aggression in Ukraine.
The sanctions come as Trump’s administration intensifies pressure on Russia to agree to a ceasefire, coinciding with the European Union’s latest 19th sanctions package targeting Russian gas imports.
Trump shared the US Treasury Department’s statement on Truth Social, titled “Treasury sanctions major Russian oil companies, calls on Moscow to immediately agree to ceasefire.” Treasury Secretary Scott Bessent said the action was aimed at cutting off funding to “the Kremlin’s war machine,” adding that further measures could follow if Moscow failed to cooperate.
“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine,” Bessent said. “We encourage our allies to join us and adhere to these sanctions.”
The move coincides with Trump’s recent remarks about India’s continued oil trade with Russia. During Diwali celebrations at the White House, Trump said he had spoken with Indian prime minister Narendra Modi, claiming that Modi assured him India would “not buy much oil” from Russia. “He wants to see the war end as much as I do,” Trump said, adding that India was already cutting back on purchases.
However, India’s Ministry of External Affairs has not confirmed any such discussion. MEA spokesperson Randhir Jaiswal earlier told reporters he was “not aware” of any recent talks between Modi and Trump.
In response, Trump reportedly warned that if India did not reduce Russian imports, it would continue to face high tariffs, a reference to the 50 per cent duties imposed by Washington earlier this year as a penalty for energy trade with Moscow.
Meanwhile, Trump’s planned meeting with Russian President Vladimir Putin, expected in Budapest within two weeks, has been cancelled.
“It just didn’t feel right to me,” Trump told reporters while standing alongside NATO Secretary General Mark Rutte. Despite the sanctions, Secretary of State Marco Rubio maintained that diplomatic engagement with Russia remained “on the table.”
