The administration of President Donald Trump on Wednesday announced sweeping sanctions on Russia’s two largest oil companies. The move is part of an escalating effort to push Moscow toward ending its war with Ukraine.
The U.S. Department of the Treasury said its Office of Foreign Assets Control (OFAC) is sanctioning Rosneft and Lukoil, along with numerous subsidiaries. The announcement came after Russia refused to commit to a credible peace process.
Treasury Secretary Scott Bessent said the sanctions aim to cut off major sources of revenue funding the Kremlin’s military campaign.
“Now is the time to stop the killing and for an immediate ceasefire,” Bessent said in a statement. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war.”
Under the sanctions, any entity owned 50 percent or more by Rosneft or Lukoil will be blocked under Executive Order 14024. The measure targets key Russian energy operations. It is designed to tighten economic pressure on Moscow.
The decision followed a meeting between Ukrainian President Volodymyr Zelenskyy and Trump at the White House. Zelenskyy said his government is open to negotiations. Trump stressed that he would rather end the war than expand military aid.
The White House confirmed Tuesday that Trump has no current plans to meet with Vladimir Putin. This comes despite earlier discussions about a summit in Budapest. Trump later said the meeting “didn’t feel right” at this time.
Speaking to reporters in the Oval Office on Wednesday, Trump stood alongside NATO Secretary-General Mark Rutte. He said the decision to impose sanctions was overdue. “I just felt it was time. We waited a long time,” he said. “It’s a very big day in terms of what we’re doing. These are tremendous sanctions. They’re big, these are against their two big oil companies and we hope they won’t be on for long. We hope that the war will be settled.”
Trump added that his administration wants Russia to pull back its forces. “We would like to see them just take the line that has been formed over quite a long period of time and just go home,” he said.
The announcement came after another night of Russian missile and drone strikes on Ukraine. Six people were killed, including two children.
Bessent also criticized China and India for continuing to buy Russian oil. He said their purchases have helped sustain Moscow’s war. He expressed confidence that India will begin “rebalancing” in favor of U.S. energy exports in the months ahead.
Trump said he remains open to future talks with Putin. But he emphasized that sanctions will remain in place until there is real progress toward peace.