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.

Analysts said the impact of blacklisting Russia’s biggest oil producers—Rosneft and Lukoil—would hinge on three things: how well they are enforced, the reaction of major mar

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

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.

A Russian official who remains subject to sanctions from the United States and the United Kingdom was reinstated to the FIA’s World Motor Sport Council earlier this year.