The United States has announced sweeping new sanctions against Russia’s two largest oil companies in a bid to pressure Moscow into negotiating a peace deal in Ukraine.
The move came a day after President Donald Trump said his planned meeting with Russian President Vladimir Putin in Budapest would be postponed indefinitely.
“Every time I speak to Vladimir, I have good conversations and then they don’t go anywhere,” Trump said.
While the immediate economic impact on Russia is expected to be limited, the sanctions mark a significant policy shift for Trump, who had previously resisted punitive measures until European nations reduced their reliance on Russian oil.
The Kremlin dismissed the sanctions, saying Russia was “immune” to them.
Trump’s administration had sought to present the US as a neutral mediator between the two warring nations, diverging from the firm pro-Ukraine stance of his predecessor, Joe Biden. However, the president has become increasingly frustrated with Moscow’s unwillingness to advance peace talks.
On Wednesday, Trump said he hoped the sanctions would force a breakthrough, declaring, “I just felt it was time. We waited a long time.”
He described the sanctions package as “tremendous,” adding that he hoped it could be lifted swiftly if Russia agreed to stop the war.
US Treasury Secretary Scott Bessent said the sanctions were imposed due to “Putin’s refusal to end this senseless war,” noting that Rosneft and Lukoil were key financiers of the Kremlin’s “war machine.”
Oil and gas remain Russia’s biggest exports, with Rosneft producing nearly half of the nation’s oil output — roughly 6 percent of global supply. Together, Rosneft and Lukoil export about 3.1 million barrels of oil per day, mainly to China, India and Turkey.
Trump has urged those nations to halt Russian oil imports to increase economic pressure on Moscow.
Ukraine’s President Volodymyr Zelensky, who has long pushed for sanctions on Russia’s energy sector, praised the US move as a “good signal,” adding that a ceasefire could be possible if other nations followed suit.
Fighting on the ground intensified overnight, with missile strikes on Kyiv killing at least two people, according to Ukrainian officials. Earlier on Wednesday, Russian bombardments elsewhere killed at least seven people, including children.
Trump also confirmed he had denied Ukraine’s request for long-range Tomahawk missiles, saying the weapons were “highly complex” and required a year of training to use. Zelensky, however, suggested Trump could still change his mind.
The proposed meeting between Trump and Putin was dropped following consultations between US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov, with Trump saying he didn’t want a “wasted meeting.”
Faridah Abdulkadiri
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