US Slaps Sanctions on Russian Oil Giants, Trump Insists Modi Will Cut Imports

The United States has imposed new sanctions on Russia’s largest oil companies. The move targets Rosneft and Lukoil directly. This action was announced by the Treasury Department on Wednesday. It signals a tougher stance from the Trump administration on the ongoing war in Ukraine.

According to a statement, the sanctions are a response to Russia’s refusal to commit to a peace process. Treasury Secretary Scott Bessent said the companies fund the Kremlin’s “war machine.”

US Sanctions Target Russian Oil Revenue

This is the first time President Trump has sanctioned Russian entities over the Ukraine war during his second term. The sanctions aim to cripple a major source of revenue for the Russian government. The US is encouraging its allies to join this effort.

The European Union also approved a new sanctions package. This was reported by Reuters. The EU measures include a ban on Russian natural gas imports. The coordinated actions increase economic pressure on Moscow.

Trump’s Repeated Claims on India’s Russian Oil Purchases

The new sanctions coincide with repeated claims from President Trump about India. Trump stated that Prime Minister Narendra Modi assured him India will drastically cut Russian oil imports. He made these remarks during Diwali celebrations at the White House.

Indian officials have not confirmed such a conversation. Last week, the Ministry of External Affairs spokesperson said he was “not aware” of any discussion. Trump responded by warning of continued “massive tariffs” if India did not comply.

India currently faces a 50 percent tariff from the US. Half of these tariffs were imposed as punishment for buying Russian oil. The situation places India in a difficult diplomatic position.

Broader Impact and Cancelled Diplomacy

The sanctions on Rosneft and Lukoil will disrupt global energy markets. Both companies are giants in exploration, production, and refining. Their isolation from Western finance and technology could have long-term effects.

In a related development, President Trump cancelled a planned meeting with Russian President Vladimir Putin. He stated the meeting “didn’t feel right.” This cancellation underscores the current friction in US-Russia relations.

The new US sanctions mark a significant escalation in economic pressure, directly tying the future of trade relations to global compliance with its stance on the Ukraine war.

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Which Russian companies were sanctioned?

The US Treasury Department sanctioned Open Joint Stock Company Rosneft Oil Company and Lukoil OAO. These are two of Russia’s largest and most important oil and gas firms.

Why did the US impose these sanctions now?

Officials cited Russia’s lack of a serious commitment to peace in Ukraine. The sanctions aim to cut off funding for the war by targeting a primary source of state revenue.

What has Trump claimed about India’s oil imports?

President Trump has repeatedly stated that Prime Minister Modi promised to significantly reduce oil purchases from Russia. He mentioned a 60% cut by year-end in recent comments.

How has India responded to these claims?

Indian officials have not confirmed the conversation. The Ministry of External Affairs previously said it was not aware of any such discussion between the two leaders.

What are the consequences for India?

India currently faces high US tariffs, partly due to its oil trade with Russia. Trump has indicated these tariffs will remain if India continues its current purchasing levels.