Latest News

US sanctions Russian oil firms as Moscow conducts nuclear drills

On Wednesday, the United States imposed sanctions on Russia's largest oil companies and accused Russia of not being committed to ending the conflict in Ukraine. This was as Moscow carried out a large-scale nuclear weapons training exercise.

New sanctions were announced one day after the collapse of plans for a meeting between U.S. president Donald Trump and Russian president Vladimir Putin. Trump told reporters that he cancelled the summit because "it just didn't feel right."

The U.S. Treasury Department stated that Russia's largest oil companies Rosneft, and Lukoil were targeted to hinder Moscow's ability fund its war machine.

This was a dramatic change for the White House. It has alternated between a conciliatory and a pressurizing approach to secure peace in Ukraine. Trump only appeared to be ready to delay any new action against Moscow last week.

Scott Bessent, U.S. Treasury secretary, said: "Now is time to stop killing and for an instant ceasefire." After Bessent's remarks, oil prices rose by over $2 per barrel.

Trump has been resisting pressure from U.S. legislators to impose sanctions on energy, in the hope that Putin would agree and end the conflict. Trump said that he was ready to act now, as there is no end in sight.

The U.S. President said that he is not yet ready to give Ukraine the long-range Tomahawks it has requested. Trump told reporters that it would take at least six month for the Ukrainians to be able to use these missiles. He was meeting with NATO Secretary General Mark Rutte.

Trump stated that he would love to see Xi Jinping use his influence to stop the fighting before a meeting with Chinese President Xi Jinping next week in South Korea. Xi Jinping and Putin formed a strategic partnership between their countries.

The Kremlin has released a video of General Valery Grasimov, who is the head of the General Staff and reports to Putin about the drills. Russia claimed to have fired missiles, from aircraft and submarines, as well as intercontinental ballistic missiles capable of hitting the United States. The Russian Defence Ministry reported that its Tu-22M3 strategic Bombers, which have a long range and can fly over the Baltic Sea at high altitudes, were escorted by foreign fighter jets - most likely NATO states - in various places.

Putin has warned Kyiv and Western allies of Russia's nuclear power at key moments during the war in Ukraine. NATO also conducted nuclear deterrence drills this month.

The rotating Danish presidency of the EU announced on Wednesday that the EU countries had also approved the 19th package against Russia, including a ban on Russian gas liquefied imports.

The Wall Street Journal reported that the United States had lifted restrictions on Ukraine's usage of long-range missiles supplied by Western allies. This would have allowed Ukraine to increase its attacks on targets in Russia. Trump denied the report in a post on social media.

Sweden announced on Wednesday that it had signed a Letter of Intent to Export Gripen Fighter Jets to Ukraine. This comes as European governments work to strengthen Kyiv's defenses in a conflict that has lasted for three years, eight months, since Russia's invasion.

Ukrainian pilots are in Sweden testing the Gripen. It is a rugged, low-cost alternative to aircraft like the F-35 from the United States.

Volodymyr Zelenskiy, the president of Kyiv, said that the country hoped to start using Gripens in 2013 and would purchase at least 100.

TRUMP DOESN’T WANT WASTED MEEEING

As the U.S. led peace effort was surrounded by renewed uncertainty, Russia and Ukraine launched heavy missile attacks against each other overnight.

Last week, after months of diplomatic stalemate, Putin and Trump announced unexpectedly that they would be holding a summit in Hungary. The Kremlin stated the event could happen within two weeks.

The White House announced the following day, after a telephone call between top diplomats of the two countries on Monday, that Trump did not have any plans to meet Putin in the "immediate future". Trump claimed he didn't want a wasteful meeting, something that the Kremlin also said Putin wanted to avoid.

Russian officials, however, said that preparations for a summit continued. Dmitry Peskov, Kremlin's spokesperson, told reporters that the dates for a summit have not yet been determined, but preparations are ongoing.

Three sources said that the summit was delayed after Russia reiterated its terms to the U.S. for a peace agreement, including the requirement that Ukraine cede the entire southeastern Donbas area.

This was a rejection to Trump's last-week statement that both sides must stop at the frontlines.

Sergei Ryabkov, the Russian deputy foreign minister, was quoted as saying that he couldn't confirm that Moscow has conveyed their position in the report by RIA.

Shares in European Defence Companies are on the Rise

Trump, in the first nine-months of his second term has been pushing for an end to this conflict, which is the deadliest one Europe has seen since World War Two.

He has been critical of Zelenskiy at times, but he also expressed frustration towards Putin.

The delay in the Putin-Trump Summit has led to a rise in European defence shares. The majority of European governments have pledged to increase military spending in order to meet Ukraine's defence needs.

On Thursday, the leaders of the European Union will discuss a plan to use frozen Russian assets in order to extend a $163-billion loan to Ukraine. Moscow has declared that the scheme is theft and has promised to retaliate.

Senior Ukrainian officials told Kyiv that it should be able to decide how to spend its funds and not just buy arms from European countries.

(source: Reuters)