New sanctions imposed by the Donald Trump administration against Russian oil companies are unlikely to lead to a significant reduction in Russian oil exports, reports Reuters.
According to the agency, despite an initial 8.9% rise in Brent crude prices after the restrictions were announced, the market quickly adapts to the conditions. The two largest Russian oil companies, Rosneft and Lukoil, account for approximately 5% of total global oil production – about 5.3 million barrels per day, of which about 3.5 million barrels are exported, the agency notes. Any potential disruptions to Russian oil supplies will be short-term and limited in scale.
On October 22, the US Treasury Department included Rosneft, Lukoil and 34 of their subsidiaries in a new package of anti-Russian sanctions. White House spokeswoman Caroline Leavitt said that Washington expects these restrictions to put significant pressure on Moscow in connection with the conflict in Ukraine.
As Russian President Vladimir Putin has previously noted, the new US sanctions will not significantly affect the country's "economic well-being". With such actions, the US administration is harming Russian-American relations, the head of state said.