The Trump administration has blacklisted Russia’s two largest oil companies, Rosneft and Lukoil, in its most significant effort yet to pressure the Kremlin to end the war in Ukraine.
These sanctions are the first against Russia since Donald Trump returned to the White House and are aimed at cutting off the “key revenues” that finance Russia’s military. The move represents a shift from prior attempts to force a peace deal to a more direct confrontation with Moscow.
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent. He warned that the Treasury is “prepared to take further action if necessary” if President Putin continues his “senseless war.”
This economic move was matched by a diplomatic one. President Trump confirmed he had cancelled a planned summit with Vladimir Putin, citing a lack of progress in negotiations. “It didn’t feel right to me,” Trump said.
The US action was praised by Ukraine and its European allies. European Commission President Ursula von der Leyen said the move, combined with the EU’s forthcoming 19th sanctions package, sends a “clear signal” of “collective pressure.”