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Trump tightens the noose on Putin’s cash machine

Stephen Bartholomeusz Senior business columnist October 28, 2025 — 11.58am

The sanctions that the US imposed on Russia’s two biggest oil companies were perfectly timed to take advantage of a developing glut in the oil market and an opportunity to squeeze Russia’s two biggest customers for its oil exports.

Last week the Trump administration blacklisted Rosneft and Lukoil , which between them produce about 5.3 million barrels of oil a day and account for nearly half of Russia’s oil exports, and threatened secondary sanctions on anyone who buys from them.

The Biden administration had previously blacklisted the other two of the big four Russian producers, Gazprom Neft and Surgutneftegas, bu

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