Trump imposed sweeping sanctions on Russia’s largest oil companies in a move aimed at cutting off funds for Moscow’s war in Ukraine.
U.S. President Donald Trump has imposed sweeping sanctions on Russia’s top oil producers, Rosneft and Lukoil, after peace talks with Vladimir Putin collapsed. The measures, announced by the U.S. Treasury on Wednesday, aim to restrict Moscow’s ability to finance its invasion of Ukraine.
Treasury Secretary Scott Bessent said the move was meant “to stop the killing and for an immediate ceasefire,” as global oil prices rose by over $2 a barrel.
The sanctions cover nearly half of Russia’s crude exports and threaten secondary penalties for countries dealing with the blacklisted firms. China quickly denounced the move, while India faces potential trade complications.
Trump, who had resisted earlier pressure to sanction Moscow, admitted talks with Putin had “gone nowhere.” Analysts say the sanctions could strain Russia’s economy but may not immediately affect the war’s outcome.
The European Union and the UK also announced parallel restrictions on Russian energy firms this week.