Tom Keatinge, director of the Centre for Finance and Security at RUSI, also said China’s reaction was pivotal: “There’s a sense that the wind has changed direction and there is a heightened risk that the White House will now follow through on its sanctions decisions by going after those that continue to buy.”
China and India Retreat from Russian Oil
The sanctions have already triggered a wave of global reactions. Four major Chinese oil companies, PetroChina, Sinopec, CNOOC, and Zhenhua Oil, suspended purchases of Russian seaborne oil to avoid secondary penalties. Meanwhile, Indian refineries announced plans to cut imports of Russian crude.
“If cancellations prove permanent, Moscow faces a serious economic hit,” analysts told The Telegraph, calling it a “clear victory” for Trump’s sanctions regime.
Though China continues to import roughly 1.4 million barrels per day, most of it is handled by smaller, independent “teapot” operators that may still test the limits of the new restrictions.
European Allies Step Up Pressure
The European Union announced its own new sanctions in coordination with Washington, including a phased ban on liquefied natural gas imports and tighter restrictions on Russian diplomats and shipping. German Chancellor Friedrich Merz said he is confident European leaders will approve a $140 billion loan to Ukraine using frozen Russian assets, despite objections from Belgium.
