Trump sanctions have swift impact but will world stop buying Russian oil and gas?
AI Summary
Donald Trump imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, aiming to curb Moscow's funding for its military operations. The sanctions risk denying dollar-based financial system access to entities purchasing Russian oil, significantly impacting major importers like India and China. Within hours of the sanctions announcement, global oil prices rose by 6%, and reports indicated immediate pauses in Russian oil deliveries to key Asian refineries. Analysts suggest that a significant decline in Asia's fossil fuel imports from Russia could result in substantial losses for Moscow’s export revenues, potentially forfeiting about $7.4 billion monthly if China and India halt purchases.
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