Editor’s Note
This article reports on the latest US sanctions targeting major Russian oil firms, a move described as aimed at curtailing Russia’s military funding. It includes a response from Russian President Vladimir Putin, who criticized the measures.
The United States imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, on Wednesday. The aim is to cut off funding for Russia’s war efforts.
Russian President Vladimir Putin stated that the US sanctions are an attempt to exert pressure and are against friendship. He said these sanctions will further worsen relations between Russia and the United States.
However, Putin also said these sanctions will not harm Russia’s economy.
He stated, “No country with self-respect bows to pressure.”
The Russian President said he wants to engage in dialogue with the United States. Putin said dialogue is better than war.
Putin further stated that reduced supply of Russian oil will lead to higher oil prices. He had discussed this matter with US President Donald Trump. Putin said that a reduction in Russian oil could make oil more expensive not only in Russia but also in the United States and the entire world.
Meanwhile, the US Treasury Department said the sanctions were imposed because Russia is not serious about stopping the war. This decision effectively blocks all assets and interests of these companies under US jurisdiction.
Rosneft is a state-owned company specializing in oil exploration, refining, and global sales, while Lukoil is a privately-owned multinational company involved in the exploration, refining, marketing, and distribution of oil and gas both in Russia and abroad.
Sanctions also apply to all subsidiaries in which these two companies hold a direct or indirect ownership stake of 50% or more.
US President Donald Trump has said he will discuss ending the Russia-Ukraine war with Chinese President Xi Jinping during their meeting next week in South Korea. Trump believes Xi Jinping can influence Russian President Vladimir Putin.
Trump told reporters during a meeting with NATO Secretary General Mark Rutte, “I will specifically talk to Xi about ending the Russia-Ukraine war. I think he will take a positive stance on this.”
This meeting will take place during the APEC Summit in Seoul. Trump said that besides the war, discussions will also cover trade, especially issues like rare minerals and soybeans. Discussions on nuclear weapons are also possible.
Trump said, “I think we will reach an agreement. Rare minerals are the smallest issue; we will also make a deal for soybeans and farmers.”
Trump praised Xi Jinping, calling him a respected and strong leader who leads the world’s largest country.
