The United States on Wednesday announced fresh sanctions targeting two of Russia’s biggest oil producers, citing Moscow’s ongoing unwillingness to commit to a peace process aimed at ending the Ukraine war. The sanctions, unveiled by President Donald Trump, mark the first such punitive action against Russia during his second term in office.
Posting on Truth Social, Trump shared an official statement from the US Department of the Treasury titled “Treasury sanctions major Russian oil companies, calls on Moscow to immediately agree to ceasefire.” The decision comes as Trump’s frustration with the Kremlin grows over its continued military campaign in Ukraine, now nearing its fourth year.
The new sanctions focus on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), both key contributors to Russia’s energy revenue. Treasury Secretary Scott Bessent said, “Given President Putin’s refusal to end this senseless war, the Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. We’re prepared to take additional action if needed to support President Trump’s efforts to stop another devastating conflict.”
Bessent also encouraged allied nations to adopt similar measures, signaling Washington’s intent to increase diplomatic and economic pressure on Moscow.
This US move follows the European Union’s approval earlier in the day of its 19th sanctions package against Russia, which included a ban on Russian natural gas imports.
Meanwhile, Trump reiterated his claims regarding India’s commitment to reduce Russian oil purchases. During a Diwali celebration at the White House, he said Prime Minister Narendra Modi had assured him that India would “not buy much oil” from Russia, aligning with his call to end the conflict. However, Indian officials have not confirmed any such conversation, with the Ministry of External Affairs maintaining that it is “not aware” of these remarks.
Currently, India faces a 50% tariff on certain imports from the US, with half reportedly imposed as a penalty for continuing Russian oil transactions.
Rosneft and Lukoil, already under UK sanctions, are global energy giants involved in exploration, production, refining, and distribution of oil and gas.
Amid rising tensions, a potential meeting between Trump and Russian President Vladimir Putin, previously rumored to take place in Budapest, has been postponed. The White House confirmed there are “no immediate plans” for the leaders to meet, although Secretary of State Marco Rubio suggested diplomatic engagement remains possible.
