U.S. President Donald Trump hit Russia's two biggest oil companies with sanctions in his latest policy shift on Moscow's war in Ukraine, prompting global oil prices to rise by 3% on Thursday (October 23, 2025).
Mr. Trump also reiterated his claim that India has agreed to "stop" buying oil from Russia and would bring its oil purchases down to “almost nothing” by the end of the year, and said he would persuade China to do the same. India and China are the two biggest buyers of Russian oil.
Indian refiners — including Reliance, the top Indian buyer of Russian crude — are poised to sharply curtail imports of Russian oil to comply with the new U.S.
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