US President Donald Trump has announced what he called "tremendous" new sanctions against two of Russia's largest oil companies, in a bid to pressure Moscow into ending its war on Ukraine. The measures target Rosneft and Lukoil - two major oil corporations that help fund the Kremlin's "war machine", according to US Treasury Secretary Scott Bessent.

It is increasingly difficult for Putin to finance his war. Every Euro we deny Russia is one it cannot spend on war."

The US government jolted energy markets when it sanctioned Russia’s two biggest crude oil producers on Oct. 22. All eyes are now on how the sanctions will affect the supply and price of petroleum across the world.

Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

President Donald Trump imposed sanctions on Russia's largest oil companies Rosneft and Lukoil while canceling his planned summit with Russian President Vladimir Putin.

BRUSSELS, Oct 23 (Reuters) - EU countries on Thursday formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Hungary’s Prime Minister Viktor Orbán was delighted to learn last week that Russia and the United States had chosen his country as the venue for another summit on ending the war in Ukraine.

The cut comes as an already slowing economy braces for the impact of fresh sanctions in response to President Vladimir Putin’s continued war on Ukraine.