Global Efforts to Cripple Russia's Economy

More than 20 nations supporting Ukraine have pledged to 'take Russian oil and gas off the global market' as part of efforts to pressure President Vladimir Putin to end the war. The UK Prime Minister, Sir Keir Starmer, hosted a summit of the 'coalition of the willing' in London, where Ukrainian President Volodymyr Zelensky also attended. The summit aimed to discuss ways to support Ukraine and increase pressure on Russia. The UK and US have recently sanctioned Russia's two biggest oil companies, while the EU targeted Moscow's liquefied natural gas (LNG) exports. However, no long-range missile deliveries were announced at the summit. Zelensky emphasized that pressure on Russia is the only way to stop the fighting, while Putin warned that if 'such weapons are used to strike Russian Federation territory, the response will be... overwhelming'.

Ukrainian President Volodymyr Zelenskyy met with European leaders in London to discuss ways to support Ukraine and pressure Russia to end the ongoing war. The meeting, attended by leaders from the 'coalition of the willing,' focused on increasing sanctions on Russia, depriving it of revenue, and providing more military aid to Ukraine. The UK announced plans to accelerate the delivery of over 100 air defense missiles to Ukraine. The leaders also discussed ways to disincentivize China and India from buying Russian energy and using frozen Russian assets to fund Ukraine's defense.

The US has imposed sanctions on Russia's two largest energy companies, Rosneft and Lukoil, in a move that could significantly impact Russia's ability to fund its war in Ukraine. The sanctions' power lies not in directly denying Russia access to tankers, ports, and refineries, but in the US financial system that underpins global trade. The measures are expected to prevent Russian companies from accessing dollars, trading markets, insurance, and other services with US financial connections. While the sanctions may not completely halt Russian oil and gas exports, they are likely to cause a short-term disruption and may deter customers in China, India, and Turkey from doing business with sanctioned entities.

Russian President Vladimir Putin has criticized US President Donald Trump's sanctions on two major Russian oil companies, Rosneft and Lukoil, calling them an 'unfriendly act'. The sanctions were imposed due to Russia's lack of commitment to a peace process in Ukraine. Putin claimed the sanctions would not affect Russia's economy, despite analysts' predictions. Meanwhile, two Russian military aircraft briefly entered NATO member Lithuania's airspace, prompting a response from Spanish jets. European leaders are set to meet in London to discuss increasing pressure on Putin over Ukraine.

The article discusses the limitations of sanctions in forcing Russian President Vladimir Putin to end the war in Ukraine. Despite new sanctions imposed by US President Donald Trump on two leading Russian oil firms, analysts warn that this measure alone will not be enough to persuade Putin to stop the war. The article highlights the need for additional support to Ukraine, including more arms and guarantees, to counter the Russian threat. It also notes the unusual level of alignment between allies on both sides of the Atlantic, but cautions that this may not last if Trump's stance changes.