The oil price has jumped after Donald Trump announced new sanctions on Russia’s biggest producers, as the US president ramps up pressure on Vladimir Putin to end the war in Ukraine.
Brent crude increased by 4.9% to $65.65 a barrel – a two-week high – on the news of the fresh restrictions on Moscow’s two biggest oil companies, Rosneft and Lukoil.
In a sign this pressure may already be having an impact, reports suggest refiners in India are preparing to sharply reduce their imports of Russian oil. Reliance Industries, the top Indian buyer of Russian crude, plans to reduce or halt completely imports, according to Reuters, which cited two sources familiar with the matter.
India has been one of the biggest buyers of discounted seaborne Russian crude oil since the war in Ukraine
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