| The European Union is weighing sanctions on companies in India and China that are enabling Russia’s oil trade as part of an upcoming package of fresh restrictions, Bloomberg has learned. US President Donald Trump said over the weekend that he’s prepared to move ahead with “major” sanctions on Russian oil if European nations do the same. The penalties would target the energy trade that’s crucial to financing President Vladimir Putin’s war on Ukraine, particularly buyers from China and India. The US push puts the onus on Europe, which had delayed phasing out Russian gas until after 2027, and has given landlocked countries like Hungary and Slovakia temporary exemptions from its Russian oil sanctions. The EU iscurrently deliberating its 19th sanctions package against Russia, which could target about half a dozen Russian banks and energy companies, as well as Russia’s payment and credit card systems, crypto exchanges and further restrictions on the country’s oil trade, we’ve reported earlier. The US push would essentially aim to get tough on Russia — something Ukraine and Europe have asked for — while aligning the EU against Beijing. Brussels and European capitals may not be as keen on raising tensions with China given the bloc’s reliance on the Asian nation’s vast market, especially after being hit with tariffs on the US market. The EU is also aiming to finalize a trade deal with India. The Trump missive puts the US president’s ideological ally, Viktor Orban, in a particularly tough spot. The Hungarian leader hasdoubled down on Russian energy imports since Moscow’s full-scale invasion of Ukraine — and has enjoyed a temporary EU exemption specifically for oil imports. Hungary has also gone all-in on Chinese investments, particularly in the car and battery sector, which would make Orban’s backing for new EU tariffs on China a tall ask. — Zoltan Simon | 
