U.S. President Donald Trump announced sweeping new sanctions on Russia’s top oil producers on Wednesday, marking a sharp escalation in his diplomatic push to end Vladimir Putin’s war in Ukraine.
Speaking in the Oval Office alongside NATO Secretary General Mark Rutte, Trump declared, “Today is a very important day for us. These sanctions are massive—very powerful. They target Russia’s two largest oil companies, and we hope they won’t have to last long. We want this war to end.”
When asked why he decided to act now after months of threats and hesitation, Trump replied simply: “I just felt it was time. We’ve waited too long.”
Later that afternoon, Trump posted on Truth Social calling on Moscow to agree to an immediate ceasefire.
The U.S. Treasury Department announced the new measures would hit two of Russia’s biggest oil producers—Rosneft Oil Company and Lukoil OAO—along with their subsidiaries. Combined, the firms account for nearly half of Russia’s total oil output.
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Treasury Secretary Scott Bessent said in a statement, “It is time to stop the killing and agree to an immediate ceasefire. Given President Putin’s refusal to end this senseless war, the Treasury Department has decided to sanction Russia’s two largest oil companies funding the Kremlin’s war machine. If necessary, we are prepared to take further action to support President Trump’s effort to end yet another war. We encourage our allies to join us and enforce these sanctions.”
Earlier in the day, Bessent told reporters the U.S. was preparing for a “significant intensification” of economic pressure on Russia.
Diplomatic fallout
The announcement came as Trump canceled a planned second summit with Putin that was to be held in Hungary in the coming weeks. He explained that “it didn’t feel appropriate” and that “we wouldn’t achieve what we wanted,” but left open the possibility of meeting again “at some point in the future,” insisting that “Putin wants peace.”
Alongside Trump, NATO chief Mark Rutte said the sanctions would increase pressure on the Kremlin and push Putin back to the negotiating table.
“The key is to change Putin’s calculus—to make him realize that the vision the president laid out this weekend, to stop fighting and begin a ceasefire, must be the first step,” Rutte said. “To do that, pressure is necessary. And that’s exactly what you’ve done today.”
Russia launched another wave of missile and drone strikes across Ukraine late Tuesday, killing six people, including two children.
In response, Trump urged India and European nations to halt purchases of Russian oil and gas, arguing that cutting off this revenue stream was crucial to undermining Moscow’s war effort.
The previous Biden administration had already imposed multiple rounds of sanctions during the first two years of the war, targeting Russian oligarchs, major corporations, and Putin’s inner circle. Trump’s new measures mark the most forceful U.S. action against Moscow since returning to office.
