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VLADIMIR Putin has finally commented on Donald Trump’s “act of war sanctions” against Russian oil, labeling them an “unfriendly act.”
He attempted to assert that Russia’s economy would remain unaffected, even as he witnesses his customers and financial resources diminish before him.
Putin is displeased with Trump taking a strong stanceCredit: Getty Images
Trump decided it was necessary to take a tough stance on RussiaCredit: Alamy
On Wednesday, Trump imposed sanctions on Russia's two largest oil companies – Rosneft and Lukoil – in response to their recent violation of NATO airspace.
During a speech in Moscow, Putin stated, “Dialogue is always preferable to war,” but cautioned that Russia will never submit to external pressures.
Earlier, his associate Dmitry Medvedev labeled Trump a “talkative peacemaker” who has now “fully embarked on the warpath against Russia.”
The sanctions were enacted shortly after plans for direct peace negotiations between Trump and Putin in Budapest fell through.
Following the cancellation of the Hungary summit, Trump remarked: “I have good conversations. And then, they don’t lead to anything. They simply don’t go anywhere.”
The White House clarified that the sanctions were in response to Putin's “lack of serious commitment to a peace process aimed at ending the war in Ukraine.”
The consequences for Russia were immediate, with global oil prices rising nearly five percent overnight on Wednesday.
China’s state-owned oil companies halted purchases from Russia, and India – Moscow’s largest remaining ally – is set to reduce imports.
Together, Rosneft and Lukoil produce over 3 million barrels of oil daily, accounting for approximately five percent of global supply and funding much of Russia’s military expenditures.
The sanctions freeze their U.S. assets, prohibit all business dealings with American companies, and threaten secondary sanctions against foreign banks that facilitate Russian oil transactions.
This potential risk has unsettled China.
This is a developing news story, with more updates to come…
Frequently Asked Questions
What are the recent sanctions imposed by Trump on Russia?
Trump has blacklisted Russia's two largest oil companies, Rosneft and Lukoil, as part of sanctions aimed at penalizing Russia for its actions, including recent violations of NATO airspace.
How has Putin responded to these sanctions?
Putin has described the sanctions as an “unfriendly act” and claimed that they will not significantly impact Russia's economy, despite evidence to the contrary.
What is the impact of these sanctions on global oil prices?
Following the announcement of the sanctions, global oil prices surged nearly five percent overnight, indicating an immediate market reaction to the potential reduction in Russian oil supply.
