Trump administration sanctions Russian oil giants to pressure Ukraine war end

The US Treasury Department under president Donald Trump imposed sanctions on Rosneft and Lukoil, Russia’s largest oil producers, on Wednesday, ratcheting up pressure on the Kremlin to end its war in Ukraine.

Treasurer Scott Bessent said the move targets oil companies that “finance the Kremlin’s war machine” and called on Moscow to agree to an “immediate ceasefire.”

“We have canceled the meeting with President Putin,” Trump told reporters in the Oval Office alongside NATO Secretary General Mark Rutte on Wednesday, shortly after the sanctions were announced. “It wasn’t a good fit for him. I didn’t feel like we were going to get to where we needed to get to, so I canceled it. But we will do that in the future.”

The bloodshed in Ukraine must stop, Bessent said in a Treasury Department press release announcing the sanctions.

Trump calls on NATO allies to stop purchases of Russian oil before new US sanctions

“It is time to stop the killing and immediately cease fire,” Bessant said. “Given the president [Vladimir] As Putin refused to end this senseless war, the Treasury Department imposed sanctions on Russia’s two largest oil companies that finance the Kremlin’s war machine. The Treasury Department stands ready to take further action if necessary to support President Trump’s efforts to end another war. We encourage our allies to join us and abide by these sanctions.”

The sanctions block dozens of subsidiaries linked to both energy giants and point to a broader campaign to isolate the Russian economy and “weaken the Kremlin’s ability to raise revenue for its war machine.” Officials say more action may follow if Russia continues to reject peace talks.

Trump said during a press conference in the Oval Office alongside NATO Secretary General Mark Rutte, on Wednesday, shortly after the sanctions were announced: “I think they will certainly have an impact there. They are huge sanctions and sanctions on oil. The two largest oil companies, among the largest companies in the world.”

Trump stresses the “very severe” consequences if Putin obstructs the peace process

President Donald Trump and Russian President Vladimir Putin shake hands during the Alaska Peace Summit, August 15. (Reuters/Reuters)

“But they are Russians. They produce a lot of oil. We hope they will pay. And we hope, [Putin] Be reasonable and hopefully [Ukrainian President Volodymyr] “Zelensky would be reasonable because, you know, it takes two people to tango.”

The Treasury Department statement echoed Trump’s sentiments, pointing the finger at Moscow.

“The United States will continue to advocate for a peaceful resolution to the war, and lasting peace depends entirely on Russia’s willingness to negotiate in good faith. The Treasury Department will continue to use its authorities to support the peace process,” the Treasury Department said.

Treasury Secretary Scott Besent speaks during a meeting with US President Donald Trump in the White House Cabinet Room, October 14, in Washington, D.C. (Kevin Deitch/Getty Images/Getty Images)

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The sanctioning authority, Executive Order 14024, was used to justify the move.

US allies have been encouraged to follow suit, and all assets under US jurisdiction have now been frozen.