The Trump administration has hardened its stance against Russia, targeting the “lifeblood of Putin’s economy” by sanctioning the country’s two largest oil companies, Rosneft and Lukoil.
The move, the first major sanction of the new term, is a direct response to “President Putin’s refusal to end this senseless war,” according to Treasury Secretary Scott Bessent. He called for an “immediate ceasefire.”
The economic pressure was paired with a diplomatic freeze. President Trump confirmed he had cancelled a planned summit with Vladimir Putin, citing a lack of progress in negotiations to end the war.
Experts say the inclusion of Rosneft is particularly significant, as it was the “most important Russian firm not yet under full US sanctions.” The key question remaining is whether the US will enforce these sanctions against foreign banks and traders.
The US action was praised by European allies. European Commission President Ursula von der Leyen called it a “clear signal” of “collective pressure” as the EU prepares its own 19th sanctions package.