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Why did the US and EU impose sanctions on Russia's oil companies?
The US and EU targeted Russia's oil giants, Rosneft and Lukoil, to cut off their access to US assets and restrict business dealings. These sanctions are part of broader efforts to pressure Russia to cease its military operations in Ukraine and to weaken its economic capacity to sustain the conflict.
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How are China and India reacting to the new sanctions?
China and India, major buyers of Russian oil, are reconsidering their purchases amid the sanctions. While some countries are reducing their energy imports from Russia, Beijing and New Delhi are balancing their economic interests with diplomatic pressures, with reports indicating ongoing energy transactions despite the sanctions.
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What could be the long-term effects of these sanctions on global oil markets?
The sanctions could lead to increased oil prices and supply disruptions, especially if Russia responds with retaliatory measures. Over time, they might also accelerate shifts toward alternative energy sources and reshape global energy alliances, impacting prices and supply chains worldwide.
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How is Russia showcasing its military strength amid sanctions?
Russia has announced new nuclear weapons and continues military operations in Ukraine, demonstrating its resilience despite economic sanctions. These actions are seen by some experts as propaganda, aiming to bolster national pride and deter Western pressure.
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Could these sanctions lead to a realignment of global alliances?
Yes, the sanctions are prompting countries to reconsider their diplomatic and economic ties. While some nations resist cutting Russian energy imports, others are seeking new partnerships, which could reshape geopolitical alliances in the coming years.