The United States has announced new sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil, in an effort to pressure Moscow into negotiating a peace deal in Ukraine.
President Donald Trump, speaking after a meeting with NATO Secretary-General Mark Rutte, said, “Every time I speak to Vladimir, I have good conversations and then they don’t go anywhere. They just don’t go anywhere.” The sanctions come a day after Trump announced that a planned meeting with Russian President Vladimir Putin in Budapest would be postponed indefinitely.
The announcement follows a heavy Russian bombardment on Ukraine earlier Wednesday, which killed at least seven people, including children.
U.S. Treasury Secretary Scott Bessent said the sanctions were necessary due to “Putin’s refusal to end this senseless war,” noting that the targeted oil companies fund the Kremlin’s “war machine.” He called for an immediate ceasefire, saying, “Now is the time to stop the killing.”
At the White House, Trump criticized Putin for not taking peace negotiations seriously and expressed hope that the sanctions would help create a breakthrough. “I just felt it was time. We waited a long time,” he said, calling the sanctions package “tremendous” and noting that it could be lifted quickly if Russia halts the war. Rutte also praised the move, saying it added pressure on Moscow.
The sanctions come amid widening differences between U.S. and Russian proposals for peace, with Moscow reportedly refusing to cease fighting along current front lines. The UK implemented similar sanctions last week, targeting the same companies. UK Chancellor Rachel Reeves said, “There is no place for Russian oil on global markets.” Russia’s embassy in London warned that the sanctions could disrupt global fuel supplies and drive up prices, particularly affecting developing nations.
Rosneft and Lukoil export a combined 3.1 million barrels of oil per day, with Rosneft alone accounting for nearly half of Russia’s oil production, representing about 6% of global output. Russia’s largest oil buyers include China, India, and Turkey, and Trump has urged these countries to halt purchases in an effort to pressure the Kremlin.
The EU has also announced a new sanctions package, including a ban on Russian liquefied natural gas imports. EU Commission President Ursula von der Leyen praised the move as a clear signal of transatlantic pressure on Russia.
During the White House meeting, Rutte discussed a 12-point plan proposed by European NATO allies and Ukraine, which includes freezing current front lines, returning deported children, prisoner exchanges, a war recovery fund, security pathways, EU accession for Ukraine, increased military aid, and economic pressure on Moscow.
Trump has repeatedly endorsed freezing fighting along current frontlines, saying, “Let it be cut the way it is… Stop fighting, stop killing people.” Russia has rejected the idea, insisting on Ukrainian withdrawal from the Donbas region.
Trump also denied reports in the Wall Street Journal that the U.S. approved long-range Ukrainian missile strikes into Russia, calling the claims “fake news.” Ukrainian President Volodymyr Zelensky has requested long-range Tomahawk missiles, suggesting that their potential deployment could bring Russia to the negotiating table.
