"The US President's sanctions also bans American companies along with individuals to do any business with Russia's two largest oil companies. The White House is threatening secondary sanctions on foreign financial institutions which do deals with businesses that are Russian owned and operated. Washington's sanctions will also cripple Vladimir Putin's efforts to continue to fund the Russia's full-scale war on Ukraine."
"On Monday the Russian stock market fell by 3.2% and last week stocks plummeted 6.5%. Investment banker Yevgeny Kogan said, "There's no light at the end of the tunnel. The 'peacemakers' have achieved nothing, and the situation is close to a dead end," he wrote. Shares in Rosneft fell 5.6% to 368.4 rubles and Lukoil plummeted by 6.5% and last week their shares dropped 12.2%."
Washington's sanctions have frozen Russia's largest oil companies, Rosneft and Lukoil, and bar American companies and individuals from doing business with them. The White House is threatening secondary sanctions on foreign financial institutions that deal with Russian-owned businesses. The measures aim to cripple Vladimir Putin's ability to fund the full-scale war in Ukraine, with oil and gas revenues making up around a quarter of the war budget. India and China have stopped purchasing Russian oil amid the sanctions. Russian stocks fell sharply, with significant declines in Rosneft and Lukoil share prices, and Kremlin officials seek talks to reverse the measures while calling them systemic pressure.
Read at London Business News | Londonlovesbusiness.com
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