Russian President Vladimir Putin stated that those advising U.S. President Donald Trump to impose sanctions on the Russian oil industry are “working against the United States.” Putin, who discussed the matter with Trump, warned that a slump in Russian oil volumes on the world market would lead to a “spike” in global prices, including at U.S. gas stations. He argued this would be politically sensitive given the “domestic political calendar in the states.” On October 22, the United States imposed sanctions on more than 30 subsidiaries of Rosneft and Lukoil, though the restrictions do not apply to transactions involving the Caspian Pipeline Consortium (CPC).
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