“Now is the time to stop the killing,” US Treasury Secretary Scott Bessent declared as he announced new sanctions on Russia’s two largest oil companies, Rosneft and Lukoil.
The sanctions are the first imposed by the Trump administration since its return to office and are a direct response to “President Putin’s refusal to end this senseless war” in Ukraine. Bessent warned that “Treasury is prepared to take further action if necessary.”
The move is designed to cut off the “key revenues” from oil sales that finance the “Kremlin’s war machine.” It aligns the US more closely with the UK, which sanctioned both firms last week.
This economic pressure comes as high-level diplomacy has faltered. President Trump confirmed on Wednesday that he had cancelled a planned summit with Vladimir Putin, stating, “It didn’t feel right to me.”
The decision was hailed as a victory by Ukraine and European allies. The EU’s Ursula von der Leyen praised the “clear signal” of unity, as the EU readies its own 19th sanctions package.