Overview
- The Treasury blacklisted Russia’s two biggest oil firms and dozens of subsidiaries, warning foreign banks and traders they risk U.S. sanctions if they facilitate transactions.
- Global crude prices rose roughly 5% after the announcement as Chinese state oil companies paused seaborne purchases and Indian refiners signaled sharp cuts, according to trade sources.
- President Donald Trump canceled a planned Budapest summit with Vladimir Putin and framed the sanctions as pressure to force serious negotiations on ending the war in Ukraine.
- Vladimir Putin called the move an unfriendly act, predicted only limited economic impact, and warned of a very serious response to long‑range strikes inside Russia.
- EU leaders debated a plan to back a roughly €140 billion loan for Ukraine using frozen Russian sovereign assets, with Belgium seeking liability safeguards as the bloc advanced a new sanctions package targeting energy flows.