Washington:  The United States and the European Union have intensified economic pressure on Russia in response to its ongoing war in Ukraine, targeting key sectors of the Russian economy and sending a clear message to President Vladimir Putin.

On October 22, the U.S. imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, threatening secondary penalties on countries and firms that continue business with them. The move comes as part of an effort to push Russia toward a ceasefire in Ukraine. President Putin condemned the measures as an "unfriendly act," warning they could disrupt global oil markets and drive up fuel prices.

Following this, the European Union unveiled its 19th sanctions package, banning imports of Russian liquefied natural gas, targeting Russia’s shadow oil tanker fleet, restricting cryptocurrency platforms, and tightening oversight of Russian diplomats. EU officials are also discussing using around $225 billion in frozen Russian assets to support Ukraine’s defense.

Ukrainian President Volodymyr Zelenskyy welcomed the sanctions, calling them essential in maintaining international pressure on Russia. However, despite these coordinated measures, the war continues, with Russian forces advancing and Ukrainian infrastructure frequently under attack.

Energy markets have reacted swiftly, with U.S. crude prices rising significantly, reflecting concerns over supply disruptions. Analysts warn that continued escalation could lead to higher global fuel costs and wider economic impacts.

The new sanctions signal a significant escalation in Western efforts to influence Russia’s actions, highlighting the ongoing complexity of achieving peace in Ukraine.