The United States has implemented sanctions targeting Rosneft and Lukoil, two major Russian oil companies responsible for approximately half of Russia’s oil production and about five percent of global output. Immediately following the announcement, global oil prices rose by four percent, while the Russian rouble saw a strengthening against the US dollar. The US Treasury has provided companies until November 21 to finalize their transactions with these sanctioned entities.
Since the beginning of the nearly four-year-old conflict, India has emerged as the primary purchaser of seaborne Russian oil, importing an average of 1.7 million barrels per day in the first nine months of this year. In August, the US administration imposed a 50 percent tariff on Indian goods, asserting that these imports contributed to financing Russia's military operations. India has countered these tariffs, labeling them "unjustified and unreasonable," and highlighted that countries like China and those in Europe were also significant importers of Russian energy, often under different tariff conditions. This dispute has reportedly caused setbacks in ongoing negotiations between Washington and New Delhi.
Source: https://indianexpress.com/article/world/oil-prices-up-by-4-rouble-strengthens-what-happened-as-trump-announced-new-sanctions-on-russian-oil-giants-10322854/