US President Trump’s Sanctions on Russian Oil Firms

• US President Donald Trump has been implementing economic tools to end the Russia-Ukraine conflict, including imposing tariffs on Russian oil buyers.

• The US Treasury has imposed sanctions on two of the largest Russian oil companies, Rosneft and Likoil, which account for around 5% of global output and a significant portion of India’s oil imports from Russia.

• Firms have been given until November 21 to wind up their transactions with the companies.

• The move marks a significant change in Western policy, disrupting global oil markets.

• Some analysts suggest India could substitute Russian oil purchases with those from the Middle East, the US, and other countries.

• Oil prices rose by 5% on Thursday due to Trump’s move.

• Russian oil accounts for over a third of India’s imports, but the cost advantage from buying Russian oil has come down over time.

• India, in negotiations with the US over a trade deal, will need to reassess its Russian purchases given the outcome of the sanctions.

Trump sanctions Russian oil is important topic for Civil service exam (WBCS).

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