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Donald Trump scrapped a planned ceasefire summit with Vladimir Putin and, in a swift reversal, sanctioned Rosneft and Lukoil — his first such step of his second presidency. Paired with fresh EU energy curbs, the US has now blacklisted Russia’s top four oil producers, responsible for about four-fifths of exports, seeking to squeeze a sector that funds roughly a third of the state budget. India and China’s refineries are reviewing imports, while an EU “reparations” loan backed by frozen assets is stalled by Belgian opposition.

Prepared by Rachel Morgan and reviewed by editorial team.