Russian President Vladimir Putin on October 23 described the latest US sanctions targeting Russia’s two largest oil producers—Rosneft and Lukoil – as ‘serious but insisted that they would not deal a major blow to the country’s economy. T
The new measures mark the first round of sanctions imposed on Russia since US President Donald Trump returned to office. Speaking to reporters, Putin said the sanctions were “an unfriendly act” that would have some consequences but would not undermine Russia’s overall economic stability. “They are serious for us, of course, that is clear. And they will have certain consequences, but they will not significantly impact our economic well-being,” he said.
Putin also criticized Washington’s approach, noting that the move would not help rebuild bilateral relations. “This is an unfriendly act that does not strengthen Russia-US relations, which have only just begun to recover,” he added.
US and EU’s Pressure on Moscow
The United States announced sanctions on Rosneft and Lukoil, citing Russia’s continued military operations in Ukraine and the Kremlin’s refusal to agree to a ceasefire. The European Union followed suit on Thursday, unveiling an expanded package of economic sanctions aimed at curbing the financial flows sustaining Moscow’s war efforts.
President Trump, who had initially sought to improve ties with Putin, had held off on new restrictions for several months. However, his patience reportedly ran out after a planned summit with the Russian leader in Budapest collapsed.
Despite the latest measures, Putin maintained that dialogue with Washington remains essential. “Dialogue is always better than confrontation or any disputes, and especially war. We have always supported the continuation of dialogue,” he said. However, he warned that if Russia were attacked with US-supplied Tomahawk missiles, the response would be very strong, if not overwhelming.
Ukraine Welcomes Sanctions
Ukrainian President Volodymyr Zelenskyy praised the US and EU for intensifying sanctions against Moscow, saying such steps are necessary to hold Russia accountable for its aggression. For nearly four years, the conflict has shown no signs of abating, with Ukrainian forces struggling to resist Russia’s slow but steady advances across a 1000 km front in eastern and southern Ukraine.
European leaders have expressed growing concern about Moscow’s actions and the long-term threat they pose to regional security.
China and India Reduce Russian Oil Purchases
The ripple effects of the new sanctions are already being felt in global energy markets. Analysts warn that Russia may be forced to offer steeper discounts on its oil to attract buyers amid fears of secondary US sanctions.
According to reports from Reuters, major Chinese state-owned oil companies have suspended purchases of seaborne Russian crude following Washington’s latest measures against Rosneft and Lukoil. Meanwhile, India—currently the largest buyer of seaborne Russian oil—is expected to sharply cut its imports to comply with the sanctions.
Energy experts believe that if this trend continues, Russia could face increased pressure to find new markets or further reduce prices to maintain export revenues. While Putin downplayed the immediate economic impact, the combination of US and EU sanctions and declining oil purchases from China and India may gradually strain Moscow’s finances.
Still, Russia remains defiant, framing the sanctions as politically motivated efforts to undermine its sovereignty. The latest sanctions mark another escalation in the West’s efforts to isolate Russia, with the global energy market once again caught in the crossfire.
Helene Elliott is the senior reporter for News Raise. She covers Science news. She also has a keen interest in photojournalism. Helene holds a nomination for the prestigious Red Smith Award. She is married to author Dennis D’Agostino, a former publicist with the New York Mets.
