Trump’s oil sanctions appear to be having some impact.
Russian President Vladimir Putin remained defiant on Thursday (Friday AEDT) after US President Donald Trump hit Russia’s two biggest oil companies with sanctions to pressure the Kremlin leader to end the war in Ukraine, a move that sent global oil prices sharply higher.
The US sanctions prompted Chinese state oil majors to cancel some purchases of seaborne Russian crude, trade sources told Reuters and Bloomberg. Indian oil refiners said they now expect to halt almost all their purchases of Russian crude.
