US President Donald Trump has sanctioned Rosneft and Lukoil—Russia’s top oil giants—dealing what appears to be a major blow to their global operations. While the Kremlin downplays the move, early signs point to a very different story.

US President Donald Trump has sanctioned Rosneft and Lukoil—Russia’s top oil giants—dealing what appears to be a major blow to their global operations. While the Kremlin downplays the move, early signs point to a very different story.