RBC's Helima Croft: This is the first major move by the White House to sanction a Russian exporter

Sanctions on Russian Oil - The US Treasury is imposing new sanctions on Russia's two largest oil exporters, Roseneft and Luke Oil, aiming to cut off funding for the war in Ukraine [1] - The sanctions are designed to force Russia to stop selling oil globally, targeting major buyers like China and India [1] - The White House's move is considered the first major attempt to sanction a major Russian exporter, aiming to break the funding machine for the war [1] Geopolitical Implications - India may be displeased as it was encouraged to buy discounted Russian oil in 2022 to keep oil flowing, but now faces potential sanctions for continuing to do so [1][2] - The sanctions shift the decision-making burden from governments to companies like Reliance, which must decide whether to risk US sanctions or continue importing Russian oil [3] - The US may be considering a regime change operation in Venezuela, potentially replacing Russian oil with Venezuelan oil [5] - Russia and China have significant interests in Venezuela, particularly in the oil sector, raising foreign policy concerns if Maduro is removed from power [7] Market Impact - The sanctions enforcement will be crucial in determining their effectiveness [5] - Oil prices and some oil-related stocks have increased in response to the sanctions [8] - Reliance, a major importer of Russian oil, is reportedly considering finding alternative sources of supply [3]