The Trump administration on Wednesday imposed sanctions on Russia’s two largest oil companies as it called on Moscow to agree to an immediate ceasefire in the war with Ukraine.
President Donald Trump had for weeks signaled he could impose penalties against Russia for its continuation of the war but had failed to take major punitive measures until Wednesday.
“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement Wednesday announcing the sanctions. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine.”
“Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions,” he said.
The sanctions hit Rosneft and Lukoil and almost three dozen of their subsidiaries.
Earlier Wednesday, Bessent had previewed the sanctions as “one of the largest,” noting Trump’s disappointment with Russian President Vladimir Putin and the state of talks to end the war in Ukraine, following a summit in Alaska more than two months ago.
“President Putin has not come to the table in an honest, forthright manner as we hoped. There were talks in Alaska; President Trump walked away when he realized that things were not moving forward,” Bessent told Fox Business. “There have been behind-the-scenes talks, but I believe that the president is disappointed at … where we are in these talks.”
“These are sanctions, not secondary tariffs,” Bessent added. “These are going to be substantial and powerful, and we are urging our European and G7 allies plus Canada and Australia to come along with us.”
This is a developing story and will be updated.
