Will President Trump's Russian Oil Sanctions Cripple Moscow’s Economy and End the Ukraine War?

President Trump has imposed sanctions on Russian oil. The United States has sanctioned Russian oil giants Rosneft and Lukoil, which together contribute about 8% of the world’s total oil supply. However, President Putin claims that Russia is immune to U.S. sanctions, on which Putin said that "New sanctions will have no significant impact on our economic well-being." In an attempt to end the ongoing Russia–Ukraine conflict, the United States has imposed sanctions on two Russian oil giants to increase pressure on the Kremlin’s energy sector.

Oil prices rose by more than $1 per barrel, extending gains from the previous session, after the United States imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war. The U.S. said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in its war against Ukraine.

Right after the U.S. sanctions were announced, Brent and WTI futures rose by more than $2 a barrel, boosted also by growing U.S. energy demand.