US sanctions Russia’s two largest oil companies and calls on Moscow to agree to immediate ceasefire

Trump Administration Imposes Major Sanctions on Russia’s Top Oil Firms, Urges Ceasefire in Ukraine War

The Trump administration on Wednesday announced sweeping sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, as Washington urged Moscow to agree to an immediate ceasefire in its war against Ukraine.

President Donald Trump, who had long signaled possible penalties over Russia’s continued aggression, said he had decided it was “time” to act after weeks of deliberation. Speaking from the Oval Office, Trump said he had “waited a long time” to impose the measures but emphasized that he hopes “they won’t be on for long” if the war ends soon.

Treasury Secretary Scott Bessent described the move as a necessary step to “stop the killing and secure an immediate ceasefire.” He said, “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.”

Bessent added that Washington was prepared to take further action if needed, urging U.S. allies to support the effort: “We encourage our partners to align with these sanctions and help bring an end to yet another conflict.”

The sanctions target Rosneft, Lukoil, and nearly three dozen of their subsidiaries. The decision follows similar measures by the United Kingdom last week and the European Union’s new sanctions package, which includes a ban on Russian liquefied natural gas imports.

Ukrainian Ambassador to the U.S. Olga Stefanishyna welcomed the announcement, calling it a “decisive and necessary step” after repeated failed attempts to push Russia toward peace. “Peace is possible only through strength and pressure on the aggressor using all available international tools,” she said on X, adding that Ukraine expects further strong measures from European partners.

Trump confirmed that he had canceled a planned meeting with Russian President Vladimir Putin in Budapest, saying, “It just didn’t feel right to me,” though he noted that a meeting could still happen in the future.

The announcement came hours after Russia launched a large-scale air assault on Ukrainian cities, including Kyiv, prompting renewed calls for tougher action from Western nations.

Experts say the sanctions’ impact will depend on how rigorously they are enforced and whether the administration extends penalties to foreign banks and oil traders dealing with the blacklisted companies.

Earlier this year, the previous Biden administration sanctioned other Russian oil firms but stopped short of targeting Rosneft and Lukoil due to concerns over global energy markets. Trump had also previously hesitated, noting the potential economic costs to the U.S., saying in June, “Sanctions are not easy. It’s not just a one-way street.”

Bessent described the latest sanctions as “among the most significant” to date, underscoring the president’s frustration with Putin’s refusal to engage in meaningful negotiations. “President Putin has not come to the table in an honest, forthright manner,” he said. “These sanctions are substantial and powerful, and we’re urging our European and G7 allies, plus Canada and Australia, to join us.”