Vladimir Putin has vowed that Russia will never bow to US pressure despite a new wave of sanctions imposed by Washington targeting Moscow’s oil industry.
The Russian leader admitted the sanctions could cause “some losses” to the economy but insisted they would not force Russia into submission.
The US administration under President Donald Trump announced sweeping sanctions on Rosneft and Lukoil, Russia’s two largest oil producers, along with nearly three dozen subsidiaries.
The sanctions are part of an intensified push by Washington to pressure the Kremlin into ending its war in Ukraine, now entering its third year.
According to The Daily National News, the measures are designed to choke off the vital oil revenues that sustain Russia’s war machine and government budget.
The European Union has also agreed to a phased ban on Russian liquefied natural gas imports while discussing a major loan for Ukraine backed by frozen Russian assets.
The new restrictions led to an immediate 5 percent spike in global oil prices, raising concerns about inflation and energy security across multiple markets.
In remarks to Russian journalists, Putin described the sanctions as an “unfriendly act that does nothing to strengthen Russian-American relations.”
He accused the United States of attempting to “pressure Russia into compliance” and warned that such efforts would ultimately fail.
“No self-respecting country ever does anything under pressure,” Putin said, emphasizing Russia’s determination to maintain sovereignty in the face of international isolation.
While playing down the broader impact of the sanctions, Putin conceded that “some losses are expected” as a result of the measures.
He also took a direct swipe at Trump, suggesting the American president should “think about who his administration is really working for” when pursuing sanctions against Russian oil.
Putin warned that the restrictions would backfire by driving up global energy prices and damaging Western economies.
He also issued a stern warning against any potential military escalation, saying Russia would deliver a “very strong” response if attacked with US-supplied Tomahawk missiles.
The latest sanctions effectively bar foreign countries and companies from doing business with Rosneft, Lukoil, or their subsidiaries, cutting them off from major financial systems.
Early signs from Asia indicate the measures are already having an effect. India’s Reliance Industries, the country’s largest buyer of Russian oil, has announced plans to “recalibrate” its imports in line with government guidance.
Several sources told Reuters that Chinese state-owned energy firms have temporarily suspended purchases of Russian seaborne crude amid fears of secondary sanctions.
China and India have been Russia’s two most important energy customers since Western nations imposed embargoes in 2022.
A sudden drop in demand from these markets could significantly reduce Russia’s oil revenues, which account for nearly 20 percent of its GDP.
Compliance with US sanctions would force both countries to give up access to discounted Russian crude that has helped shield their economies from global price shocks.
Trump’s decision to impose the new measures reportedly followed growing frustration in Washington over the lack of progress in peace talks.
The president also canceled a planned summit in Budapest, which had been expected to include discussions on ending the war in Ukraine.
Asked about the cancellation, Putin said the meeting would “likely be postponed” but stressed that “dialogue is always better than war.”
Other Russian officials were far less conciliatory. Former president Dmitry Medvedev described the sanctions as an “act of war,” accusing the United States of fully committing to confrontation with Russia.
Energy analysts in Moscow, including Igor Yushkov of the Financial University, told The Daily National News that the sanctions would make it more difficult for Russian firms to sell oil directly, forcing them to use intermediaries and increasing transaction costs.
The ultimate impact, experts say, will depend on whether Washington enforces secondary sanctions against countries that continue to do business with Russian oil companies.
Russia has roughly a month to prepare before the restrictions take full effect and is expected to rely on its “shadow fleet” of aging tankers operated through shell companies to keep exports flowing.
Despite the mounting pressure, Kremlin-linked analysts insist that Russia will adapt as it has done before. “New sales schemes will simply appear,” said military blogger Mikhail Zvinchuk.
The reach of US sanctions, however, is extensive, and for most international firms, the risk of losing access to Western markets could outweigh the benefits of trading with Russia.
As the standoff intensifies, the sanctions mark a significant escalation in the economic war between Moscow and Washington, with global markets bracing for further volatility.
