Calling Russia’s invasion of Ukraine a “senseless war,” the US Treasury has taken direct aim at the Kremlin’s finances by sanctioning the nation’s two largest oil companies, Rosneft and Lukoil.
The sanctions, announced by Treasury Secretary Scott Bessent, are the first of the new Trump administration. They are intended to cut off the “key revenues” that Russia uses to fund its military operations.
“Now is the time to stop the killing and for an immediate ceasefire,” Bessent’s statement declared. He directly blamed “President Putin’s refusal” to negotiate for the new economic penalties.
The move was part of a one-two punch against Moscow. President Trump also confirmed he had cancelled a planned summit with Vladimir Putin, a clear sign that diplomatic efforts have failed. “It didn’t feel right to me,” Trump said.
The US action was cheered by European allies, including European Commission President Ursula von der Leyen. She called it a “clear signal” of transatlantic unity as the EU prepares its own 19th sanctions package, which will target Russian LNG and its illicit oil transport network.