Treasury Secretary Scott Bessent has sanctioned Russia’s two largest oil companies, Rosneft and Lukoil, and warned that the US is “prepared to take further action if necessary” to stop the war in Ukraine.
The announcement is the first major sanction from the Trump administration against Russia and is aimed squarely at the revenues financing the Kremlin’s military. “Now is the time to stop the killing and for an immediate ceasefire,” Bessent said in a statement.
The sanctions were imposed due to “President Putin’s refusal to end this senseless war.” This hardened stance marks a shift from the administration’s previous attempts to broker a peace deal, which stalled over Putin’s “maximalist demands.”
In a further sign of the diplomatic chill, President Trump confirmed he had scrapped a planned meeting with Putin. “We cancelled the meeting,” Trump said, indicating that talks were not proving fruitful.
The US action was coordinated with allies, with European Commission President Ursula von der Leyen praising the “clear signal” of transatlantic pressure. The EU is also readying a new sanctions package that will target Russian LNG, its shadow fleet of tankers, and financial institutions.
