US Sanctions Rosneft and Lukoil as Putin Postpones Summit and Warns Over Long-Range Missiles

Overview

• The US Treasury froze US-based assets of Rosneft and Lukoil and barred American persons from doing business with them to cut financing for Russia’s war in Ukraine.
• The sanctions package includes warnings to foreign financial institutions that continue dealings with the targeted firms, potentially complicating oil purchases for countries such as India.
• The European Union adopted additional energy restrictions that include a ban on liquefied natural gas imports from Russia.
• Vladimir Putin called the measures an unfriendly act, said they would not significantly harm Russia’s economic wellbeing, and emphasized Russia would not bow to pressure.
• Plans for a Trump–Putin meeting in Budapest were put on hold, and Putin cautioned that supplying Ukraine with long-range missiles would constitute escalation that could draw a very serious response.