Trump Administration Sanctions Hit Russia's Oil Lifeline. Michael Bernstam discussed the Trump administration's politically significant sanctions targeting Russia's two largest oil producers, Rosneft and Lukoil, affecting 56% of Russian output. The sancti

Trump Administration Sanctions Hit Russia's Oil Lifeline. Michael Bernstam discussed the Trump administration's politically significant sanctions targeting Russia's two largest oil producers, Rosneft and Lukoil, affecting 56% of Russian output. The sanctions caused world oil prices to jump temporarily and elicited an immediate angry response from Putin, who called it an "unfriendly act." The primary financial impact on Russia will be much deeper discounts demanded by buyers, significantly hurting the Russian budget. Europe is meanwhile nearing liberation from Russian energy dependence due to abundant US liquefied natural gas (LNG).