U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war.

German Chancellor Friedrich Merz said he’s optimistic that the US will exempt Rosneft PJSC’s German unit from Washington’s latest sanctions against Russia.

Major Chinese state oil companies have reportedly stopped imports of Russian crude oil in response to US sanctions. But Beijing has its own playbook to follow as it navigates the latest energy sanctions.

Oil prices on Friday posted their biggest weekly gains since June, after the U.S. imposed sanctions Wednesday on Russia’s Rosn

The European Union has approved a sweeping new package of sanctions against Russia, intensifying its economic campaign against Moscow’s war machine. Key Takeaways: The EU approved a new sanctions package banning Russian LNG imports and tightening banking and crypto restrictions.

Russian President Vladimir Putin on Thursday hit out at the latest sanctions imposed by the U.S., calling Washington's move an “unfriendly act” that could backfire by spiking global oil prices.