The US Treasury has sanctioned Rosneft and Lukoil, Russia’s two biggest oil producers, as the Trump administration hardens its stance against the Kremlin. The move is designed to choke off key revenues funding Russia’s ongoing war in Ukraine.
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent in a statement. He directly linked the sanctions to “President Putin’s refusal to end this senseless war” and confirmed the Treasury “is prepared to take further action if necessary.”
This decision marks the latest swing in the Trump administration’s policy, shifting from pressuring Kyiv to negotiate peace to expressing clear frustration with Vladimir Putin’s “maximalist demands.” It is the first set of sanctions imposed on Russia since Trump’s return to office in January.
The action brings the US partially in line with its allies. The UK sanctioned both Rosneft and Lukoil last week. The European Union has sanctioned Rosneft but continues to allow imports from the privately-owned Lukoil, mainly due to exemptions for Hungary and Slovakia.
Simultaneously, President Trump confirmed the cancellation of a planned meeting with Putin, stating, “It didn’t feel like we were going to get to the place we have to get.” This further signals a breakdown in direct negotiations between Washington and Moscow.