Russian President Vladimir Putin has declared that Russia will never yield to U.S. pressure, following sanctions imposed on state-owned oil giants Rosneft and Lukoil, along with their affiliates. The sanctions, introduced by the Trump administration, aim to cut funding for Russia’s war in Ukraine and could raise global oil prices by up to 5%. While Putin admitted the measures may cause “some damage” to Russia’s economy, he dismissed them as a failed attempt to coerce the country. He warned that any attacks on Russia using U.S.-supplied weapons to Ukraine would trigger a strong, though limited, response. Meanwhile, China and India, Russia’s largest oil buyers, are reportedly reducing imports in reaction to the sanctions. The planned Trump-Putin summit in Budapest may also be canceled, though Putin stressed he remains open to dialogue.