US President Donald Trump has announced what he called "tremendous" new sanctions against two of Russia's largest oil companies, in a bid to pressure Moscow into ending its war on Ukraine. The measures target Rosneft and Lukoil - two major oil corporations that help fund the Kremlin's "war machine", according to US Treasury Secretary Scott Bessent.

Hungary’s Prime Minister Viktor Orbán was delighted to learn last week that Russia and the United States had chosen his country as the venue for another summit on ending the war in Ukraine.

The Treasury Department said new economic penalties will target Russia’s two largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.

The US government jolted energy markets when it sanctioned Russia’s two biggest crude oil producers on Oct. 22. All eyes are now on how the sanctions will affect the supply and price of petroleum across the world.

As Zelenskyy lauds Europe and the U.S. for ramping up economic pressure on Putin over the war in Ukraine, Moscow dismisses them as a counterproductive "act of war."

The cut comes as an already slowing economy braces for the impact of fresh sanctions in response to President Vladimir Putin’s continued war on Ukraine.

A Russian official who remains subject to sanctions from the United States and the United Kingdom was reinstated to the FIA’s World Motor Sport Council earlier this year.

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.