Assets in US belonging to Rosneft and Lukoil frozen, and American firms barred from doing business with them

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The oil price has jumped after Donald Trump announced new sanctions on Russia’s biggest producers, as the US president ramps up pressure on Vladimir Putin to end the war in Ukraine.

Brent crude increased by 3.5% to $64.53 a barrel on the back of the fresh restrictions on Moscow’s two biggest oil companies, Rosneft and Lukoil.