Amin Nasser, CEO of Aramco, emphasizes robust crude oil demand and the impact of recent sanctions on Russian oil firms, as industry leaders gather at the Future Investment Initiative in Riyadh.

The Trump administration announced sanctions on Russia’s biggest oil producers, rolling out its first major package of financial punishments on President Vladimir Putin’s economy as part of a fresh bid to end the war in Ukraine.

Bulgaria is preparing measures to secure uninterrupted supplies of oil and oil derivatives after the U.S. imposed sanctions on Russia's Lukoil , which runs the country's biggest oil refinery, Energy Minister Zhecho Stankov said on Friday.

Days after canceling a planned summit with Putin, citing a lack of progress toward ending the war in Ukraine, Trump took a major step by effectively blacklisting Rosneft and Lukoil.