Oil prices surge as Trump hits Russian energy giants with sweeping new sanctions

Core Points - Oil prices surged following U.S. sanctions on major Russian oil companies due to the ongoing conflict in Ukraine [1][2] - The sanctions target Russia's largest oil producers, Rosneft and Lukoil, which are crucial for funding the war [2] - Russian oil and gas revenue has decreased by 21% year-over-year, representing about 25% of the national budget [4] Group 1: Sanctions Impact - The Trump administration's sanctions require companies to cease transactions with Russian oil producers by November 21 [10] - Major Chinese state oil companies, including PetroChina and Sinopec, are expected to halt purchases of Russian seaborne oil in the short term [13] - Indian refiners are preparing to significantly reduce imports of Russian oil to comply with U.S. sanctions [11] Group 2: Reactions and Statements - Ukrainian President Volodymyr Zelenskyy expressed gratitude for the sanctions, emphasizing the need for further pressure on Russia for a ceasefire [5] - Treasury Secretary Scott Bessent stated that the sanctions aim to hinder the Kremlin's war funding and called for allied support [2] - A Russian Foreign Ministry spokeswoman claimed that Russia has developed a "strong immunity" to sanctions [8]