Putin of Russia Defies US Sanctions on Major Oil Companies
Following the imposition of sanctions by the US president on two of Russia’s leading oil companies, Russian President Vladimir Putin remained unflinching on Thursday. Donald Trump hopes the action will put pressure on Moscow to stop its invasion of Ukraine, which has been going on for more than three years, and pinch its finances.
Nearly half of Russia’s crude oil exports come from Rosneft and Lukoil combined, and the sanctions announcement on Wednesday caused a 5% increase in oil prices worldwide. Russian-American relations, which he claimed had “only just begun to recover,” would not be strengthened by Washington’s action, which he called an “unfriendly act.
Additionally, the European Union imposed new sanctions on Russia, significantly escalating pressure on its military economy.
As Trump postponed a scheduled meeting with the Russian leader, Putin told reporters in Moscow that he would not give in to pressure from the West. He seems to be discussing delaying it. I can argue that a conversation is always preferable to conflict, disagreements, or even war,” Putin remarked.
“For that reason, we have consistently advocated for ongoing communication, and we do so now as well,” Putin stated, cautioning that the sanctions would hurt Trump by driving up oil prices worldwide.
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