Vladimir Putin has declared that Russia “will never bow to US pressure” after Washington imposed sweeping sanctions on Rosneft and Lukoil, the country’s two largest oil producers. The move marks President Trump’s toughest economic action since returning to the White House, aiming to choke off the oil revenues funding Moscow’s war in Ukraine.
The sanctions, which caused a 5% spike in global oil prices, bar companies and nations from dealing with Russia’s energy sector. In response, China and India—Moscow’s biggest buyers—began scaling back imports, signaling rare cracks in the Kremlin’s economic shield.
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Putin dismissed the sanctions as “futile,” admitting only “some losses are expected.” He accused Washington of acting against its own interests, warning that global prices would rise further. Russian officials, including Dmitry Medvedev, labeled the sanctions an “act of war,” underscoring growing hostility.
Analysts warn that cutting off Rosneft and Lukoil—responsible for nearly half of Russia’s oil exports—could deal a heavy blow to its economy if secondary sanctions follow. Meanwhile, Trump abruptly cancelled his planned Budapest summit, saying talks with Moscow would be “postponed.”
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Despite mounting pressure, Putin said dialogue remains preferable to conflict: “No self-respecting nation acts under pressure.” But with sanctions tightening and allies retreating, Russia’s defiance faces its sternest test yet.
