RUSSIAN President Vladimir Putin has denounced new US sanctions as “unfriendly,” warning they could backfire by pushing up global oil prices as the EU also tightens restrictions on Moscow.

The latest measures target Russia’s biggest oil producers, Rosneft and Lukoil, aiming to slash revenues that fund the war in Ukraine.

The US Treasury said that buyers of Russian oil in India and China could face secondary sanctions if they continue dealings with the firms, while the EU moves to phase out Russian liquefied natural gas and curb Moscow’s use of cryptocurrency to bypass financial restrictions.

Rosneft and Lukoil account for roughly half of Russia’s oil exports, which provide up to half of its state revenues.

Mr Putin admitted that the “serious” sanctions would have “certain consequences” but insisted they would not significantly harm the economy.

Analysts said that the grace period before sanctions take effect on November 21 could allow traders to stockpile Russian oil.

It took almost a year after the 2022 invasion of Ukraine for the EU, fearful of a spike in prices, to end most Russian seaborne oil shipments, and the price cap was announced months before it took effect, giving Russia time to prepare to evade it.