Oil prices slipped about 2% on Tuesday, marking a third straight day of declines as investors considered the impact of U.S. sanctions against Russia's two biggest oil companies on global supply, along with a potential OPEC+ plan to raise output.

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

The price of a key Russian oil grade has plunged after Western sanctions prompted Chinese refiners to cancel some purchases.

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."

BERLIN, Oct 28 (Reuters) - Germany's economy minister told Reuters on Tuesday that the U.S. government had provided written assurance that the German business of Russia's Rosneft would be exempt from new energy sanctions because the assets are no longer under Russian control.

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 Russian economy is a wartime economy. Growth is virtually zero," U.S. Treasury Secretary Scott Bessent told CBS News.

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.