Russia’s energy giants, Rosneft and Lukoil, are facing the wrath of the US government, which has sanctioned both firms over what it calls Vladimir Putin’s “senseless war” in Ukraine.
The move, the first major sanction of the new Trump administration, is designed to cut off the “key revenues” that finance Russia’s military. Treasury Secretary Scott Bessent announced the measures, stating, “Now is the time to stop the killing and for an immediate ceasefire.”
This action marks a significant hardening of the administration’s stance, which has swung from pressuring Kyiv to accept a peace deal to punishing Moscow for its “maximalist demands.”
The diplomatic fallout was immediate. President Trump confirmed he had cancelled a planned summit with Vladimir Putin. “It didn’t feel right to me,” Trump said, indicating that talks had completely broken down.
The US move was cheered by European allies. European Commission President Ursula von der Leyen praised the “clear signal” of transatlantic unity and confirmed the EU’s 19th sanctions package was “imminent.”
