• Putin acknowledges US sanctions are serious but insists they won't significantly hurt the economy.
• Trump's administration aims to pressure Russia’s oil firms Rosneft and Lukoil to influence the Ukraine war.
• Global oil prices surged by 5% following the announcement of the sanctions.
• Putin calls the sanctions an "unfriendly act" that won't improve US-Russia relations.
• Trump predicts the true economic impact of sanctions will be assessed in six months.

Russian President Vladimir Putin described the recent US sanctions against two of Russia's largest oil companies, Rosneft and Lukoil, as "serious," yet he downplayed their potential impact on the Russian economy. He emphasized that while the sanctions will have "certain consequences," they would "not significantly impact our economic well-being," asserting that Russia would not bow to Western pressure. The sanctions are seen as an attempt by the US to weaken Russia's financial resources amidst its ongoing invasion of Ukraine, according to Indiatimes and Africanews.

The sanctions imposed by US President Donald Trump are aimed at constraining the financial capabilities of the Kremlin by targeting its oil sector, which is vital for funding the military operations in Ukraine. In a significant move, Trump announced that these sanctions would include freezing all US-based assets belonging to Rosneft and Lukoil, effectively blocking American citizens from conducting business with them. Trump also stated that he hoped the sanctions would induce both sides to engage in dialogue, reflecting his ongoing strategy regarding the conflict, according to Al Jazeera and Indiatimes.

Trump responded to Putin's assertions by expressing skepticism about the Russian leader's confidence, stating, "I am glad he feels that way. I'll let you know about it in six months from now." This indicates the US administration's belief that the sanctions will gradually reveal their effectiveness. Moreover, treasury officials have called the sanctions a direct response to Russia's refusal to cease its hostilities in Ukraine, with an emphasis on pressuring international allies to comply with the economic measures, according to Indiatimes and Africanews.

Putin criticized the sanctions as an "unfriendly act" that will not enhance US-Russia relations, insisting that no sovereign nation would yield to external coercion. He expressed a desire for dialogue instead of confrontation, reiterating that cooperation is preferable when discussing contentious issues. The escalating measures from Washington come amid geopolitical tensions and reflect a dramatic shift in Trump's prior engagement with Russia, where he had sought a more conciliatory approach to Putin, reports Indiatimes and Al Jazeera.

Following the sanctions announcement, global oil prices surged by approximately 5%, indicating the immediate economic ramifications of these measures. It also brought into focus the imperative for countries reliant on Russian oil, such as India and China, to reassess their purchasing strategies amidst potential repercussions from US financial systems. Putin's administration is expected to face mounting pressure to adapt amidst such economic constraints, according to Indiatimes and Africanews.