US Sanctions Russian Oil Majors and Indian Refineries

• US President Donald Trump has imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, for funding the Kremlin’s war in Ukraine.

• The sanctions have led to a 3% rise in global oil prices.

• India, the largest buyer of Russian oil, has agreed to stop buying from Russia and reduce its oil purchases to “almost nothing” by year-end.

• Indian refiners, including Reliance, are expected to significantly reduce Russian oil imports to comply with the new sanctions.

• The U.S. Treasury has given companies until November 21 to wind down their transactions with Russian oil producers.

• Oil and gas revenue, currently down 21%, is a significant source of funding for Russia’s war in Ukraine.

• Trump expressed confidence in India’s response to the sanctions, stating that by the end of the year, they will be down to almost 40% of the oil.

US Sanctions Russia is important topic for Civil service exam (WBCS).

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