Russian President Vladimir Putin stated that if attacked with US Tomahawk missiles, Russia would respond decisively. He added that dialogue is always a better option in any conflict or dispute and supported continuing talks with America.
Following the cancellation of a proposed meeting between Trump and Putin on October 22, the United States imposed sanctions on two of Russia's largest oil companies, Rosneft and Lukoil. The aim is to halt funding Russia receives for the war. Putin criticised Trump's decision, stating it could further deteriorate relations between the two countries. It is believed that Trump wished to build good relations with Russia during his tenure, but became displeased with Putin for not ending the war.
President Putin said that sanctions on Russian oil would reduce supply, leading to an increase in global oil prices. He mentioned that he had warned US President Trump about this. He stated that Trump's decision would cause oil prices to rise in America and worldwide.
Meanwhile, regarding the Russia-Ukraine war, the US Treasury Department said that Putin is not serious about ending the war, which is why these sanctions were imposed on Russia. Under this decision, all assets and interests of these companies falling under US jurisdiction have been effectively blocked.
Rosneft is a Russian state-owned company specialising in oil exploration, refining, and sales. Lukoil is a privately-owned international company involved in oil and gas exploration and refining in Russia and abroad. Sanctions have also been imposed on 36 subsidiary companies in which these two companies hold a direct or indirect stake of 50% or more. Furthermore, the Treasury Department has instructed foreign companies to cease transactions with Rosneft and Lukoil by November 21. Failure to comply could result in fines, blacklisting, or trade restrictions.
According to a report, the impact of sanctioning these two companies could be seen in the global market, with a potential 5% increase in global crude oil prices. The European Union has also decided to ban Russian LNG gas.
Following the US sanctions, it was claimed on October 23 that India might also reduce its exports of Russian oil. Reuters reported that the refining company Reliance is adjusting its Russian oil purchases in line with government guidelines. State-owned companies are also checking shipments.
US President Donald Trump has been continuously pressuring India to stop purchasing oil from Russia. Trump has repeatedly claimed in recent days that he spoke with Prime Minister Modi, who told him that India would stop purchasing crude oil from Russia.
