President Donald Trump has imposed sweeping economic sanctions on Russia’s two largest energy conglomerates, Rosneft and Lukoil, marking one of the most severe U.S. measures against Moscow since the start of the Ukraine conflict. The announcement, made by Treasury Secretary Scott Bessent on Wednesday, follows the collapse of a planned Trump-Putin summit in Budapest and signals growing U.S. frustration with Russia’s stance on peace negotiations.
Rosneft, Lukoil Targeted As Trump Ends Patience With Putin
The sanctions, which target the oil giants’ assets and restrict international transactions, come after Trump concluded that Russian President Vladimir Putin was not negotiating in good faith. The administration accused Moscow of prolonging the war despite repeated diplomatic overtures from Washington.
“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,” Bessent said in a statement, as per a report on Agence France-Presse. He emphasized that the U.S. remains prepared to take “further decisive steps” if Russia continues to resist peace efforts.
The European Union also joined Washington’s pressure campaign, unveiling its own measures that include a gradual ban on Russian liquefied natural gas imports by 2027 and tighter restrictions on Russian diplomats’ travel.
Since his return to office in January, Trump has adopted a mix of diplomacy and sanctions to push for what he has repeatedly called a “historic peace deal.” But officials familiar with the matter said Trump’s tolerance waned after several rounds of fruitless talks. The decision reportedly crystallized less than a week after a tense phone call between Trump and Putin.
Markets reacted swiftly to the announcement. Both WTI and Brent crude prices climbed more than one percent in after-hours trading, reflecting investor concerns over potential supply disruptions from Russia, one of the world’s leading oil producers.
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