US President Donald Trump has announced what he called "tremendous" new sanctions against two of Russia's largest oil companies, in a bid to pressure Moscow into ending its war on Ukraine. The measures target Rosneft and Lukoil - two major oil corporations that help fund the Kremlin's "war machine", according to US Treasury Secretary Scott Bessent.

The Treasury Department said new economic penalties will target Russia’s two largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.

As Zelenskyy lauds Europe and the U.S. for ramping up economic pressure on Putin over the war in Ukraine, Moscow dismisses them as a counterproductive "act of war."

President Trump abruptly canceled a second meeting with Russian President Putin in Budapest and instead approved new strong sanctions on Russian oil. Former U.S. Ambassador to Ukraine Bridget Brink, who is a Democratic candidate for Congress in Michigan’s 7th district,

The cut comes as an already slowing economy braces for the impact of fresh sanctions in response to President Vladimir Putin’s continued war on Ukraine.

A Russian official who remains subject to sanctions from the United States and the United Kingdom was reinstated to the FIA’s World Motor Sport Council earlier this year.

Reliance Industries Ltd, the top Indian buyer of Russian oil, will abide by Western sanctions against Moscow while maintaining its relationship with current oil suppliers, its spokesperson said in a statement.

Kirill Dmitriev, a close Putin ally, says trip was scheduled before Treasury slapped restrictions on Rosneft and Lukoil