The Trump administration on Wednesday announced sweeping sanctions against Russia’s two largest oil companies, Rosneft and Lukoil, along with nearly three dozen subsidiaries, in a move aimed at pressuring Moscow to agree to an immediate ceasefire in its war with Ukraine.
President Donald Trump had signaled for weeks that punitive measures could be imposed, but Wednesday marked the first major action taken against Russia’s energy sector.
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent in a statement quoted by CNN. “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.”
Bessent emphasized that the administration is prepared to escalate further if needed. “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 added.
Earlier in the day, Bessent described the sanctions as “one of the largest,” citing Trump’s growing frustration with Russian President Vladimir Putin and the stalled negotiations following a summit held 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 clarified. “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.”