Russia Denounces US Sanctions on Oil Giants, Warns of Rising Global Prices

The sanctions were a direct response to Moscow’s perceived unwillingness to pause the fighting in Ukraine.

Russian President Vladimir Putin listens to the head of the Federal Service for Supervision of Natural Resources (Rosprirodnadzor) Svetlana Radionova during their meeting at the Kremlin in Moscow, Russia, on Oct. 21, 2025. Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP

Russia reacted with fury on Thursday after the United States imposed sweeping sanctions on its two largest oil companies, a move directly targeting the Kremlin’s most critical source of revenue that world leaders said keeps the war in Ukraine going.

The U.S. Department of the Treasury on Wednesday announced sanctions on Rosneft and Lukoil, as well as nearly three dozen of their subsidiaries.