Brent crude oil futures jumped nearly 3% to above $64 per barrel on Thursday, reaching a two-week high, following the US announcement of sanctions on key Russian oil companies. The US has banned state-owned giants Rosneft PJSC and Lukoil PJSC, in a move aimed at increasing pressure on the Kremlin over Moscow’s lack of commitment to peace in Ukraine. Rosneft, led by Putin ally Igor Sechin, and Lukoil together account for nearly half of Russia’s oil exports, about 2.2 million barrels per day, with oil and gas revenues making up roughly a quarter of the federal budget. After the sanctions, Trump said he would press major buyers, planning to discuss Russian oil imports with Chinese President Xi Jinping next week, following his reiteration that India would reduce its purchases. EU countries have also agreed on a new Russian sanctions package, scheduled for adoption Thursday, including a ban on Russian LNG imports.