Putin’s ‘Refusal’ Costs Russia: US Sanctions Top Oil Firms

President Vladimir Putin’s “refusal to end this senseless war” has cost Russia dearly, as the Trump administration responded by sanctioning the nation’s two largest oil companies, Rosneft and Lukoil.
This action, the first of Trump’s new term, is aimed at crippling the “Kremlin’s war machine” by cutting off its primary source of revenue. Treasury Secretary Scott Bessent announced the move, calling for an “immediate ceasefire.”
The sanctions mark a new, harder line from the administration, which has grown frustrated with Putin’s “maximalist demands.” This was further evidenced by President Trump’s cancellation of a planned summit with the Russian leader.
“It didn’t feel right to me,” Trump said of the cancelled meeting. “It didn’t feel like we were going to get to the place we have to get.”
The US action goes further than the EU’s, which has not sanctioned the privately-owned Lukoil. However, European Commission President Ursula von der Leyen praised the “clear signal” of transatlantic pressure, noting the EU’s 19th sanctions package is “imminent.”