Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

Reliance Industries Ltd, the top Indian buyer of Russian oil, will abide by Western sanctions against Moscow while maintaining its relationship with current oil suppliers, its spokesperson said in a statement.

Get the latest news and live updates as the government shutdown continues, Trump sanctions Russia in a push for a ceasefire in Ukraine and Rubio heads to Israel amid Gaza truce.

The European Union on Thursday heaped more economic sanctions on Russia, adding to U.S. President Donald Trump's new punitive measures the previous day against the Russian oil industry. Russian President Vladimir Putin called Washington's move an "unfriendly act" that could backfire by spiking global oil prices.

Kyrgyzstan voiced regret on Friday over the inclusion of several Kyrgyz entities in the European Union's latest Russia sanctions list, a move it called "one-sided sanctions pressure".

WASHINGTON—The Trump administration is planning substantial new sanctions on Russia, Treasury Secretary Scott Bessent said Wednesday. “We are going to either announce after the close this afternoon or first thing tomorrow morning a substantial pickup in Russia sanctions,

The European Union has imposed more economic sanctions on Russia. The new penalties announced on Thursday add to measures by U.S.

(Reuters) -Here is a summary of some of the thousands of international sanctions imposed on Russia over its invasion of Ukraine. ENERGY COMPANIES - U.S. President Donald Trump placed sanctions on Russian oil giants Rosneft and Lukoil on October 23,