JAKARTA - Russian President Vladimir Putin is not worried that US President Donald Trump will impose sanctions on Russia's two largest oil companies to pressure the Kremlin leader to end the war in Ukraine.
The US sanctions prompted Chinese state oil companies to suspend purchases of Russian oil in the short term, trade sources told Reuters.
The distillation companies in India, Russia's largest oil buyers transported by sea, will drastically cut their crude imports, according to industry sources.
The sanctions target oil giants Rosneft and Lukoil, who jointly accounted for more than 5% of global oil production, and marked a dramatic change in course by Trump.
While the financial impact on Russia may be limited in the short term, this move is a strong signal of Trump's intention to suppress Russia's finances and force the Kremlin towards a peace agreement in a full-scale invasion that has lasted for 3.5 years into Ukraine.
Putin ridiculed the sanctions as an unfriendly act, saying the sanctions would not have a significant impact on Russia's economy and stressed Russia's importance to the global market.
He warned a sharp drop in supply would push prices up and would cause discomfort to countries like the United States.
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"This is, of course, an attempt to suppress Russia," Putin said.
"But no country respects itself and no people respect themselves for deciding anything under pressure," he continued.
When asked about Putin's comments, the new sanctions would not have a significant impact, Trump told reporters.
"I'm glad he feels that way. That's good. I'll tell you about it in six months from now," Trump said.
With Ukraine calling on long-range missiles from the US and European allies to help turn things around in the war, Putin also warned that Moscow's response to the long-range attack on Russia would be "very serious, maybe even excessive".
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