China and India have suspended significant imports of Russian oil after U.S. President Donald Trump announced sanctions targeting Moscow’s primary sources of revenue. The sanctions, aimed at Russia’s largest oil companies, Rosneft and Lukoil, come amid the ongoing war in Ukraine and were intended to pressure President Vladimir Putin into negotiations.
Trump’s move, announced Wednesday, followed a sharp condemnation of Putin’s “refusal to end this senseless war” in Ukraine. The U.S. sanctions place companies buying Russian oil at risk of losing access to the dollar-based financial system, crucial for raising capital.
India and China have been Russia’s biggest oil customers since the invasion of Ukraine in 2022, often purchasing crude at discounted prices. Together, they account for roughly 80% of Russia’s oil exports. Indian conglomerate Reliance Industries, the largest beneficiary of Russian oil, stated it would “recalibrate” its imports. In China, several state-owned oil companies have been instructed to suspend purchases of seaborne Russian crude.
The market responded quickly to the news, with global oil prices surging more than 5%. Chinese refineries had been importing approximately two million barrels of Russian oil per day, while India imported about 1.5 million barrels daily.
Meanwhile, international efforts to support Ukraine continue. British Prime Minister Sir Keir Starmer is hosting Ukrainian President Volodymyr Zelensky in London for a “coalition of the willing” meeting. The talks aim to unlock billions of pounds in seized Russian assets held by Britain and the EU—funds that could bolster Ukraine’s defense capabilities.
Zelensky emphasized the urgency, stating, “Russia brought war to our land, and they have to pay for this war.” Starmer echoed the message, highlighting the need to “ratchet up the pressure on Russia” and support Ukraine both on the battlefield and in global markets.
The Kremlin has condemned Trump’s sanctions, calling them “unfriendly” and a threat to diplomatic efforts. Putin maintained that the measures would not significantly harm the Russian economy and called for dialogue after the U.S. canceled plans for a bilateral summit. Zelensky, however, praised the sanctions as “a strong and much-needed message that aggression will not go unanswered.”
