The latest wave of sanctions from the US targets major Russian oil companies such as Rosneft and Lukoil, aiming to cut funding for the ongoing war in Ukraine. This move follows a tumultuous week for Russia, highlighted by a canceled Trump-Putin summit and increasing international pressure. While the sanctions have instigated significant reactions from Moscow, including a dismissive response from Putin, they have the potential to alter global oil markets and strain relationships between Russia and traditional allies like India and China. As these nations begin to comply with Western sanctions, the situation remains fluid, with upcoming discussions on further measures to intensify economic pressure on Russia amidst stalled peace talks.