The administration of Donald Trump has imposed sanctions on Russia’s two largest oil companies and urged Moscow to agree to an immediate ceasefire in its war against Ukraine.
President Trump had indicated for weeks he would impose penalties against Russia for its continuation of the war but had failed to impose major measures to punish the Kremlin until Wednesday.
The announcement came as Trump said he had “canceled” an anticipated meeting with Putin in Budapest because he “didn’t feel like we were going to get to the place we have to get.”
Trump explained he “felt it was time” for the sanctions, noting he “waited a long time” to impose them. However, he added that he hoped “they won’t be on for long” because the war would end.
Treasury Secretary Scott Bessent said Wednesday in a statement that it was “the time to stop the killing and for an immediate ceasefire.”
“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,” he said.
The sanctions targeted Rosneft and Lukoil and almost three dozen of their subsidiaries. Britain also hit the two oil companies last week, and the European Union agreed to another package of sanctions on Wednesday.
Ukrainian Ambassador to the US Olga Stefanishyna praised the announcement, which she said “comes after numerous attempts to give Russia a chance to begin real negotiations to end the war.”
“The decision is fully aligned with Ukraine’s consistent position: peace is possible only through strength and pressure on the aggressor using all available international tools,” Stefanishyna said in a post on X.
She said she expects “strong decisions from European partners tomorrow, following the meeting of the European Council.”
Bessent said that: “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.”
Ukraine has been calling for more pressure on Moscow as the war has raged on. Diplomatic efforts to end the war have stalled. Russia has rejected a proposal to freeze the conflict for negotiations, something Ukraine and Europe say they support.
