US to impose new sanctions on Russia: Report
What's the story
The United States is preparing to impose fresh sanctions on Russia, bolstering its efforts to end the Ukraine war. The Trump administration is considering targeting key Russian economic sectors, including banking and oil infrastructure, Reuters reported, quoting a US official. These areas are seen as crucial for Moscow's war financing. This comes shortly after President Donald Trump recently imposed sanctions on major Russian oil firms Lukoil and Rosneft.
Economic fallout
Global oil prices surge
The recent sanctions on Lukoil and Rosneft have sent shockwaves through the global oil market, with prices rising over $2 a barrel. Major buyers in China and India are now looking for alternatives to Russian oil. A senior US official told Reuters that Washington would prefer European allies to take further action, either through new sanctions or tariffs. However, Trump may hold off briefly to see how Moscow reacts to these latest measures.
Asset utilization
US supports EU in using frozen Russian assets
Concurrently, US officials have backed the European Union in using frozen Russian assets to purchase American weapons for Ukraine. Washington has also discussed internally about using Russian assets in the US to bolster Ukraine's war efforts. While Trump has taken on the role of a global peacemaker, he has admitted that ending Russia's war in Ukraine is more difficult than he expected.
Diplomatic frustration
White House claims countries like India, China reducing oil purchases
White House Press Secretary Karoline Leavitt has slammed Russia for not making any progress toward a peace deal. She said that while a meeting between Trump and Russian President Vladimir Putin isn't off the table, they want a tangible outcome from such discussions. Leavitt also emphasized that the newly imposed sanctions are "hefty" and claimed that countries like India and China are reducing their oil purchases from Russia at Trump's request.
Sanctions response
Putin dismisses US sanctions as 'unfriendly move'
In response to the US sanctions, Moscow has dismissed them as an "unfriendly move" that wouldn't help relations with Washington. Putin said, "No self-respecting country ever does anything under pressure," according to Russia Today. He accused the US of using sanctions as a tool of pressure and questioned whose interests they serve, hinting at some people in Trump's administration who had pushed for restrictions on Russian oil exports.