Putin defiant after Trump sanctions Russian oil companies over Ukraine

The sanctions hit oil giants Rosneft and Lukoil, which produce over 5% of global oil, marking a sharp reversal by Trump, who last week said he planned a summit with Putin in Budapest to end the Ukraine war.

Russian President Vladimir Putin remained defiant on Thursday after US President Donald Trump hit Russia’s two biggest oil companies with sanctions to pressure the Kremlin leader to end the war in Ukraine, a move that pushed global oil prices up 5%.