President Donald Trump announced “tremendous” sanctions blacklisting Rosneft and Lukoil, Russia’s largest oil producers, in his administration’s first direct move against Moscow over the Ukraine war. The firms export 3.1 million barrels a day and help fund what the Treasury called Russia’s “war machine.” Brent crude rose 5% on the news. Former US ambassadors said the step will hurt Russia but won’t by itself compel peace without sustained pressure. India’s state refiners reviewed Russian trade documents, and Reliance said it was recalibrating crude imports, while a former sanctions official predicted a short-term pullback amid the risk of secondary sanctions.

Prepared by Lauren Mitchell and reviewed by editorial team.