US sanctions against Russia’s two biggest oil companies are already having an impact. The White House imposed the penalties on Rosneft and Lukoil last week, prohibiting US companies from doing business with the pair, which together account for more than half of Russia’s oil production.
In response, Lukoil said on Monday that it was already soliciting bids for its international assets. Moscow separately announced over the weekend that it had tested a nuclear-capable and -powered cruise missile, a show of force that, the Jamestown Foundation said, indicated Russian President Vladimir Putin believes his “hopes for establishing a personal rapport with [US President Donald] Trump are sinking.”
