The European Union on Thursday heaped more economic sanctions on Russia, adding to U.S. President Donald Trump's new punitive measures the previous day against the Russian oil industry. Russian President Vladimir Putin called Washington's move an "unfriendly act" that could backfire by spiking global oil prices.

Options for US energy sanctions against Russia have been "on standby" for a long time – from strong to weak packages – and US President Donald Trump has this week opted for the middle one. Details: Unnamed officials told WSJ that the three options had been developed months ago in case Trump decided to take tougher action against Russia.

It comes two days after Washington imposed sanctions on Moscow’s two biggest oil companies. Read more at straitstimes.com. Read more at straitstimes.com.

The European Union on Thursday heaped more economic sanctions on Russia, adding to U.S. President Donald Trump’s new punitive measures the previous day against the Russian oil industry. Russian President Vladimir Putin called Washington’s move an “unfriendly act” that could backfire by spiking global oil prices.

The next package of EU sanctions should include further restrictions on Russia's financial sector and alternative payment systems, as well as new personal sanctions and measures targeting the shadow fleet infrastructure.