America has imposed sanctions targeting the two largest Russian oil companies – Rosneft and Lukoil – in an effort to pressure Moscow into negotiating a peace agreement in Ukraine.
“Every time I talk to Vladimir (Putin), it seems like the talks are good, and then it turns out they lead nowhere. They simply lead nowhere,” said U.S. President Donald Trump to reporters after a meeting with NATO Secretary General Mark Rutte.
The announcement of sanctions came a day after Trump said that the meeting planned with Russian President Vladimir Putin in Budapest would be postponed indefinitely.
Russia carried out a massive attack on Ukraine on Wednesday, October 22, killing at least seven people, including children.
U.S. Treasury Secretary Scott Bessent said the new sanctions were necessary because of “Putin’s refusal to end this senseless war.”
These oil companies finance the Kremlin’s “war machine,” he emphasized.
“Now is the time to stop the killing and to implement an immediate ceasefire,” Bessent declared.
Speaking alongside Rutte in the Oval Office, Trump criticized Putin for not being serious about making peace and said he hopes the sanctions will help make progress.
“I just felt it was time. We’ve waited long enough,” said Trump.
He called the sanctions package “massive” and added that he hopes it could be lifted quickly if Russia agrees to stop the war.
Rutte praised the U.S. president’s move, saying it “puts greater pressure” on Putin.
“You have to apply pressure, and that’s exactly what he did today,” Rutte said of Trump’s action.
The sanctions come as key differences between American and Russian peace proposals became clearer this week.
Trump indicated that the main sticking point was Moscow’s refusal to halt fighting along the current front line.
U.S. Secretary of State Marco Rubio said the United States still wants to continue talks with the Russian side.
Last week, the United Kingdom imposed a similar package of sanctions on Rosneft and Lukoil.
“There is no place for Russian oil on global markets,” said British Chancellor Rachel Reeves when announcing the move.
Responding to the UK, the Russian Embassy in London stated that targeting its main energy companies would disrupt global fuel supplies and raise prices worldwide.
It also noted that the sanctions would have a “harmful impact on the energy security” of developing and underdeveloped nations, adding that “pressure only complicates peaceful dialogue and leads to further escalation.”
The two Russian oil companies export 3.1 million barrels of oil per day.
Rosneft produces nearly half of Russia’s total oil output, accounting for six percent of global production, according to British government estimates.
Oil and gas are Russia’s largest exports, and Moscow’s biggest buyers include China, India, and Turkey.
Trump has urged these countries to suspend purchases of Russian oil in an attempt to exert economic pressure on the Kremlin.
European Commission President Ursula von der Leyen announced on X that she had spoken with Bessent about “Russia’s lack of commitment to the peace process.”
She praised the new sanctions package approved by the European Union on October 22, which also includes a ban on importing Russian liquefied natural gas.
“By adopting the 19th European sanctions package against Moscow, this is a clear signal from both sides of the Atlantic that we will continue collective pressure on the aggressor,” she wrote.
Earlier this year, the United Kingdom and the United States sanctioned major Russian energy companies Gazprom Neft and Surgutneftegaz.
Rutte was expected to discuss at the White House a 12-point plan formulated by European NATO allies and Kyiv, which would include freezing current front lines, returning deported children, and exchanging prisoners of war.
The plan also includes a fund for Ukraine’s post-war recovery, as well as security corridors, a clear path for Ukraine’s EU membership, increased military aid to Kyiv, and economic pressure on Moscow.
Trump had previously said he did not want a “pointless meeting” with Putin in Budapest and stated that the main point of contention was Moscow’s refusal to halt fighting along the current front line.
He met with Putin in Alaska in August, hoping to secure a ceasefire — and possibly a deal to end the war.
However, the meeting yielded no tangible results. On the contrary, the war has continued with unabated intensity.
Trump has repeatedly supported proposals to freeze fighting along the current front lines.
“Let it stop now, as things stand.
“I said: stop and hold at the current front line. Go home. Stop fighting, stop killing people,” Trump said on October 20.
Russia opposed that idea, and Kremlin spokesman Dmitry Peskov stated that “the consistency of Russia’s position has not changed,” alluding to Moscow’s demand that Ukrainian forces withdraw from a large portion of the Donbas region in eastern Ukraine.
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Source: BBC; Foto: EPA / JONAS ROOSENS