Lavrov says new US sanctions target Russian oil firms as economic ties strain

Russian Foreign Minister Sergei Lavrov said economic relations with the United States have entered a new tense period, according to remarks made at a side event of the St. Petersburg International Economic Forum. Lavrov noted that sanctions imposed during the Biden administration remain in place and that the Trump administration has added new measures targeting Russian oil companies, including Lukoil and Rosneft. He said the stated US goal is to establish hegemony in global energy markets. Lavrov said Russia is being pushed out of partnerships with countries including Serbia and Venezuela, and pointed to closer cooperation with those nations and with China as a counterweight. President Vladimir Putin has separately said the West's long-term strategy aims to encircle and weaken Russia. Putin has also said the sanctions have dealt a heavy blow to the global economy, affecting millions of people worldwide.