U.S. President Donald Trump announced fresh sanctions on Russia’s major oil companies — Rosneft and Lukoil — citing Moscow’s failure to commit to a peace process in the war in Ukraine.  The move marks the first time in his second term that Trump has imposed Ukraine-related energy sanctions on Russia.

During the announcement, Trump reiterated his claim that Indian Prime Minister Narendra Modi assured him New Delhi would “not buy much oil” from Russia — a statement Indian officials say they have no record of.  In August, the U.S. had already slapped 50 % tariffs on Indian goods, partly over India’s continued Russian-oil imports.

Analysts say the sanctions could make it “all but impossible” for India to continue purchasing Russian crude, given that the targeted Russian firms account for a major portion of exports and Indian refiners are reviewing contracts.  Meanwhile, U.S. officials warn that banks and companies dealing with the sanctioned firms may face secondary penalties — raising questions about India’s ability to navigate its energy needs without provoking further trade retaliation.