The United States announced new sanctions on Russia’s two largest oil companies – Rosneft and Lukoil in an effort to pressure Moscow to agree to an immediate ceasefire in its war with Ukraine as Russia conducted major training exercises involving nuclear arms.
During a meeting with NATO Secretary-General Mark Rutte to discuss peace negotiations at the Oval Office on Wednesday, President Donald Trump said, “I just felt it was time. We waited a long time.” The US president had signalled for weeks that he could impose penalties on Russia for its failure to end the war with Ukraine but couldn’t take the punitive measures until Wednesday.
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The new sanctions on Russian oil companies came a day after Trump announced he had “canceled” an anticipated meeting with Putin, scheduled in Budapest, because he “didn’t feel like we were going to get to the place we have to get.” Meanwhile, the Russian strikes earlier on Wednesday killed at least seven people, including children in Ukraine.
— Rapid Response 47 (@RapidResponse47) October 22, 2025
According to the US Treasury Department, the two largest Russian oil companies, Rosneft and Lukoil, have been targeted with sanctions in order to damage Moscow’s ability to fund its war machinery in Ukraine. Treasury Secretary Scott Bessent said new sanctions were needed due to “Putin’s refusal to end the senseless war in Ukraine”. Bessent claimed Russian oil companies fund Moscow’s “war machinery”.
.@POTUS: “These are tremendous sanctions. These are very big against their two big oil companies — and we hope that they won’t be on for long. We hope that the war will be settled.” https://t.co/6vbswraYmV pic.twitter.com/FONI7ECFAw
— Rapid Response 47 (@RapidResponse47) October 22, 2025
Trump said he hoped that sanctions against oil companies could pave a way for a breakthrough in the Ukraine war ceasefire. Calling the sanctions package “tremendous”, Trump hoped they could be withdrawn swiftly if Russia agrees to cease hostilities in Ukraine.
However, Trump accused the Russian president of not being serious toward making a peace deal with Ukraine. “Every time I speak to Vladimir, I have good conversations and then they don’t go anywhere. They just don’t go anywhere,” Trump said, criticising Putin.
Treasury Secretary Bessent warned Moscow that the department is ready to take further action if necessary to support President Trump’s effort to end yet another war.
(with inputs from Reuters)
