US Sanctions Russian oil; reports claim Modi discussed India tariffs
The United States imposed sanctions on Russian oil companies on Wednesday over Moscow’s “lack of serious commitment” to a peace process in Ukraine. President Donald Trump announced the move as his frustration with Russia mounted over the ongoing war.
Trump shared a post on Truth Social, quoting a statement from the US Treasury titled, “Treasury sanctions major Russian oil companies, calls on Moscow to immediately agree to ceasefire.” This marks the first time Trump has sanctioned Russia during his second term due to the Ukraine conflict.
Earlier, European Union nations approved their 19th package of sanctions against Russia. Reuters reported the package includes a ban on Russian natural gas imports.
The US sanctions target Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), two of Russia’s largest oil firms. Treasury Secretary Scott Bessent said, “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. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us and adhere to these sanctions.”
Trump’s Claims on India’s Russian Oil Purchases
The sanctions come amid Trump’s repeated claims that Prime Minister Narendra Modi assured him that India would “not buy much oil” from Russia. During Diwali celebrations at the White House on Tuesday, Trump said, “I spoke to Prime Minister Modi…and we just have a very good relationship. He’s not gonna buy much oil from Russia. He wants to see that war end as much as I do.”
He added, “They’ve cut it way back and they’re continuing to cut it way back.”
Indian officials did not immediately respond to Trump’s remarks. Last week, when asked about similar claims, MEA spokesperson Randhir Jaiswal said he was “not aware” of any such conversation. Trump countered, “But if they want to say that, then they’ll just continue to pay massive tariffs, and they don’t want to do that.”
India currently faces 50% US tariffs, half of which were imposed as punishment for buying oil from Russia.
Companies Affected
Rosneft and Lukoil also face sanctions from the United Kingdom. According to the US Treasury, Rosneft specializes in exploration, extraction, production, refining, transport, and sale of petroleum and natural gas. Lukoil engages in exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally.
Trump-Putin Meeting on Hold
Earlier this week, reports suggested a potential Trump-Putin meeting in Budapest within two weeks. However, the White House said on Tuesday that Trump has “no plans” to meet the Russian President in the immediate future.
On Wednesday, Trump told reporters alongside NATO Secretary General Mark Rutte, “We cancelled the meeting with President Putin. It just didn’t feel right to me.”
Meanwhile, US Secretary of State Marco Rubio stated while leaving for the Middle East that the US still wants to meet with Russia, despite announcing the sanctions.
The sanctions and Trump’s statements on India’s Russian oil purchases signal a deepening US effort to pressure Moscow and shape global oil flows amid the ongoing Ukraine conflict. Allies and global markets are watching closely as sanctions take effect.
