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Trump's sanctions on Russian oil firms amid India tariffs, big Modi 'call' claim
This is the first time Trump has imposed Ukraine-related sanctions on Russia during his second term.
The United States announced sanctions against Russian oil companies on Wednesday (local time) as a result of “Russia's lack of serious commitment to a peace process to end the war in Ukraine”.
The sanctions were announced by United States President Donald Trump as his frustration with Russia mounts for not stopping the war in Ukraine, something Trump is adamant on achieving.
Trump shared a post on Truth Social on Wednesday where he posted a statement by the US department of the treasury with the title, ‘Treasury sanctions major Russian oil companies, calls on Moscow to immediately agree to ceasefire’.
Also read: India will cut Russian oil imports by 60% by year-end: Trump sticks to claim
This is the first time Trump has imposed sanctions on Russia due to the ongoing war in Ukraine during his second term.
Earlier on Wednesday, in a bid to get Russia to stop the war in Ukraine which is just months away from entering its fourth year, EU nations approved a 19th package of sanctions against Moscow, reported news agency Reuters. These sanctions included a ban on Russian natural gas imports.
The fresh sanctions announced by the US target two of Russia's largest oil companies — Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil).
"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 in and adhere to these sanctions," said Treasury Secretary Scott Bessent in the statement.
Trump's repeated claims on India's Russian oil purchase
The sanctions by the United States come amid repeated claims by Trump that Prime Minister Narendra Modi has assured him that India will “not buy much oil” from Russia.
Also read: PM Modi unlikely to attend Asean summit in Malaysia next week
During Diwali celebrations at the White House on Tuesday, Trump said that he had a call with Modi and that he said that India will stop buying oil from Russia. “I spoke to Prime Minister Modi…and we just have a very good relationship, and he’s not gonna buy much oil from Russia. He wants to see that war end as much as I do,” Trump said.
“He wants to see the war end with Russia-Ukraine and, as you know, they’re not going to be buying too much oil. So they’ve cut it way back and they’re continuing to cut it way back,” he added.
Indian officials did not immediately respond to Trump’s latest remarks on Russian oil purchases. However, last week, when asked about similar claim by Trump, MEA spokesperson Randhir Jaiswal had said that he was “not aware” of any such conversation between the two leaders.
To this, Trump had said, “But if they want to say that, then they'll just continue to pay massive tariffs, and they don't want to do that,” reported news agency Reuters.
Currently, India is facing 50 per cent tariffs by the US, half of which were imposed as punishment for buying oil from Russia.
Which Russian oil companies will be affected?
Roseneft and Lukoil are two of Russia's largest oil companies which are facing sanctions not just by the US but also the United Kingdom. The latter also sanctioned both the firms last week.
According to the US treasury department, “Rosneft is a vertically integrated energy company specializing in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. Lukoil engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally.”
Trump-Putin meeting on hold
Days after a potential meeting between Trump and Putin was announced to be held within two weeks in Budapest, the White House on Tuesday said that the US President had “no plans” of meeting his Russian counterpart "in the immediate future".
On Wednesday also, while addressing the press with NATO Secretary General Mark Rutte, Trump said, “We cancelled the meeting with President Putin. It just it didn't feel right to me.”
However, US Secretary of State Marco Rubio said on Wednesday while leaving for the Middle East that the US would still like to meet with Russia despite announcing sanctions.
