Brussels, Oct 24 (AP) – The European Union has intensified economic sanctions against Russia, complementing the new punitive measures announced by U.S. President Donald Trump targeting the Russian oil sector. In response, Russian President Vladimir Putin characterized Washington’s actions as an “unfriendly act,” warning that it could inadvertently lead to increased global oil prices.

These coordinated American and European sanctions aim to disrupt the revenue streams and supplies that support Moscow’s military operations in Ukraine, with the ultimate goal of pressuring Putin to negotiate a resolution to the ongoing conflict.

During a press conference in Moscow, Putin acknowledged the potential “serious” consequences of the U.S. sanctions but asserted that they would not have a significant detrimental effect on Russia’s economy.

Ukrainian President Volodymyr Zelenskyy welcomed the new sanctions, expressing gratitude and optimism that they would be effective. He made these remarks in Brussels, where EU leaders convened for a summit to announce the latest round of sanctions against Russia.

Despite ongoing U.S.-led diplomatic efforts, the war in Ukraine shows no signs of resolution after nearly four years, raising concerns among European leaders regarding the persistent threat posed by Russia.

Ukrainian forces are facing challenges in countering the gradual advances of Russia’s larger military along a 1,000-kilometer (600-mile) front line in eastern and southern Ukraine. Russian long-range strikes have increasingly targeted Ukraine’s power infrastructure ahead of the harsh winter, while Ukrainian forces have retaliated by targeting Russian oil refineries and manufacturing facilities.

The sanctions specifically target Russia’s energy revenue, which is crucial for the country’s economy, enabling Putin to fund military operations without exacerbating inflation or risking currency devaluation. Following the announcement of the new U.S. sanctions against Russian oil giants Rosneft and Lukoil, international crude prices surged by over USD 2 per barrel.

Putin warned Trump that restricting Russian oil exports would destabilize global oil markets and ultimately backfire on the United States, predicting that a significant reduction in Russian oil supply would lead to price hikes that American consumers would feel at the pump.

The sanctions will not take effect until November 21, providing a potential window for diplomatic engagement. Chris Weafer, CEO of Macro-Advisory Ltd., noted that this timeframe could encourage Russia to engage more seriously in negotiations, potentially leading to a suspension of the sanctions.

Weafer also highlighted that oil buyers in Asia are likely seeking to purchase Russian oil before the sanctions are implemented, which could temporarily bolster Russia’s budget. Unlike European sanctions, U.S. measures threaten secondary penalties for violations, with China and India being key importers of Russian oil.

Analysts question the effectiveness of these economic sanctions in compelling Putin to change course, as Russia’s economy has shown resilience despite signs of strain.

The new EU sanctions also encompass Russian oil and gas, prohibiting imports of Russian liquefied natural gas and imposing port bans on over 100 additional vessels in Russia’s aging tanker fleet. This latest round of sanctions increases the total number of banned ships to 557.

Additional measures include restrictions on transactions involving cryptocurrencies used by Russia to evade sanctions, prohibitions on operations within the EU using Russian payment systems, limitations on the provision of artificial intelligence and high-performance computing services to Russian entities, and an expanded export ban on electronic components, chemicals, and metals utilized in military production.

A new system will also be implemented to restrict the movement of Russian diplomats within the 27-nation EU.

The U.S. sanctions were announced following Trump’s decision to postpone a planned meeting with Putin in Budapest, citing concerns about the potential for a “waste of time.” This reflects the fluctuating dynamics of Trump’s approach to the conflict, as Putin remains steadfast in his demands.

Putin condemned the U.S. sanctions as detrimental to Russia-U.S. relations and emphasized that Moscow would not succumb to external pressure. He warned that any Ukrainian attempts to strike deep within Russian territory using Western-supplied long-range weapons would escalate the situation, prompting a “very serious” response from Russia.

In a separate incident, a Russian drone attack resulted in the deaths of two Ukrainian journalists in the Donetsk region, as reported by regional administration head Vadym Filashkin. The journalists, Olena Hubanova and Ievhen Karmazin, were affiliated with Ukraine’s Freedom TV channel.