Days after canceling a planned summit with Putin, citing a lack of progress toward ending the war in Ukraine, Trump took a major step by effectively blacklisting Rosneft and Lukoil.

The statement comes a day after the US imposed sanctions on Russian oil giants Rosneft and Lukoil, which account for over two-thirds of India’s oil imports from Russia—currently the biggest supplier of crude oil to India with a market share of over 35 per cent.

Bulgaria is preparing measures to secure uninterrupted supplies of oil and oil derivatives after the U.S. imposed sanctions on Russia's Lukoil , which runs the country's biggest oil refinery, Energy Minister Zhecho Stankov said on Friday.

The United States and its allies have sanctioned Russia’s largest oil companies in an effort to choke off funding for the Kremlin’s war on Ukraine, though experts doubt the measures will have immediate impact.