Lukoil’s Russian oil infrastructure hit again amid Ukraine attacks and US sanctions, highlighting Russia’s ongoing energy chaos.
On February 2, 2026, the US announced it would reduce tariffs on Indian goods from 25% to 18%, rescinding an additional 25% duty imposed over India's Russian oil imports. India agreed to buy over $500 billion in US products and reportedly to stop purchasing Russian oil, aiming to ease tensions and support ending the Ukraine war. Modi welcomed the tariff cut but did not confirm halting Russian oil purchases.
The US has issued a license to explore oil in Venezuela, while Russia's investments face US sanctions and US-backed actions. Moscow and Caracas maintain strategic ties, but US pressure threatens Russia's energy interests in the country amid geopolitical tensions.
Since early February, US sanctions and military actions have targeted Russia's energy sector and shipping, including seizing Russian oil tankers and blocking Starlink access. Russia criticizes these moves as illegal and aims to deepen ties with BRICS, while Ukraine peace talks remain stalled with a deadline set for June.
Ukraine has intensified its long-range drone attacks on Russian energy facilities, striking oil terminals and chemical plants in Russia's Krasnodar, Perm, and Komi regions. The attacks aim to weaken Russia’s war effort by disrupting energy supplies and military logistics, with recent strikes causing fires and damage to key infrastructure.
The US has extended a temporary waiver allowing India to buy Russian oil loaded before March 5, as global energy markets face turmoil from Middle East conflicts and Strait of Hormuz closure. The move aims to stabilize prices but raises concerns over sanctions and geopolitical risks.
On March 12, 2026, the US Treasury issued a 30-day waiver allowing countries to buy Russian oil already at sea to stabilize global energy markets disrupted by the Iran conflict. Treasury Secretary Scott Bessent emphasized the measure's limited benefit to Russia, applying only to oil in transit. This follows a similar waiver for India amid soaring oil prices and geopolitical tensions.
Ukrainian drone attacks have damaged Russian oil infrastructure, including ports and refineries, disrupting about 40% of Russia's oil exports. The strikes follow recent escalations and are part of Ukraine's efforts to weaken Russia's war financing. The attacks impact global energy markets amid rising tensions.
The Strait of Hormuz has been declared fully open for commercial vessels following Iran's announcement, leading to a sharp decline in oil prices. The move comes amid a ceasefire in Lebanon and ongoing US-Iran talks, with markets responding positively to the de-escalation of tensions.