Trump administration sanctions Russian oil companies as peace talks stall

The Trump administration on Wednesday announced fresh sanctions on major Russian oil companies as efforts to end the war in Ukraine have stalled.

The Treasury Department said it was hitting Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company and Lukoil OAO, with sanctions. The move is part of an effort to increase pressure on Moscow to end the war, which began in 2022 when Russian forces invaded Ukraine.

“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement.

“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 said. “Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”

Treasury is also sanctioning dozens of subsidiaries of Rosneft and Lukoil.

The announcement of sanctions comes one day after the White House said there were no plans  for President Trump to meet with Russian President Vladimir Putin in the immediate future, dashing talk of a summit between the two men in Hungary in the coming weeks.

It also comes after Russia overnight Tuesday launched another round of missile and drone attacks on Ukraine, killing six people, including two children.

A Senate bill led by Sen. Lindsey Graham (R-S.C.) to levy steep sanctions on Russia has dozens of sponsors, and lawmakers have said they are waiting for the go-ahead from the White House to bring the bill up for a vote. Trump has repeatedly said it is at his discretion whether to move forward with those sanctions.

Trump has also called on India and European nations to stop purchasing Russian oil and gas, arguing it would cut off a major source of funding for Moscow’s war efforts.

The Biden administration previously imposed numerous sanctions on Russia during the first two years of the war, targeting major businesses as well as allies of Putin.

Source: The Hill