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Oil extends gains after settlement on new sanctions on Russian oil companies
- On Wednesday, October 22, 2025, the US announced heavy sanctions targeting Russia's two largest oil companies, Lukoil and Rosneft, while President Donald Trump met NATO Secretary General Mark Rutte at the White House.
- Treasury officials said the measures respond to President Vladimir Putin's refusal to end the war, calling it a `senseless war`, while EU countries approved a ban on Russian LNG on Wednesday.
- Oil benchmarks climbed when Brent crude was up 3.42% as of 5pm ET Wednesday/1am GST Thursday.
- Treasury Department clarified that all entities owned 50 per cent or more by the two companies are blocked even if not designated by OFAC, and it is prepared to take further action to support President Trump's effort to end the war.
- The administration urged allied countries to join the sanctions, and Ukrainian President Volodymyr Zelenskyy supported freezing front lines before visits to Brussels and London.
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Crude prices accelerated their rise on Thursday, more than 5%, driven by US sanctions announcements to the two largest Russian oil companies Rosneft and Lukoil to try to end the war in Ukraine.
First reaction after Trump's sanction hammer: the oil price pops up!
·Berlin, Germany
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The Bank of Finland's Russia expert estimates that approximately 80 percent of Russian crude oil production will now be subject to US sanctions.
·Finland
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The US wants to sanction Putin's most important oil companies, which could further weaken Russia's economy, and the markets are already responding.
Coverage Details
Total News Sources101
Leaning Left8Leaning Right12Center15Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 23%
C 43%
R 34%
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