The United States has announced new sanctions on Russia’s two biggest oil companies Rosneft and Lukoil in a move aimed at forcing Moscow to negotiate peace in Ukraine.
The decision came a day after US President Donald Trump said a planned meeting with Russian President Vladimir Putin in Budapest had been postponed indefinitely. “Every time I speak to Vladimir, we have good conversations, but they don’t go anywhere,” Trump said.
While the economic impact may be limited, the sanctions mark a major shift in Trump’s foreign policy. He had previously avoided sanctions, saying he wanted Europe to stop buying Russian oil first. The Kremlin has dismissed the move, claiming Russia is “immune” to such measures.
US Treasury Secretary Scott Bessent said the sanctions were necessary because of “Putin’s refusal to end this senseless war,” noting that the two companies fund the Kremlin’s “war machine.”
Rosneft and Lukoil export about 3.1 million barrels of oil a day, with key buyers including China, India, and Turkey. Oil and gas are Russia’s biggest exports, accounting for a major share of global supply.
Ukrainian President Volodymyr Zelensky welcomed the sanctions, calling them “a good signal” that could help bring about a ceasefire if more countries followed suit.
Trump said he hoped the sanctions would push Russia toward peace talks, calling them “tremendous” but adding they could be lifted if Moscow ended the war.
NATO Secretary General Mark Rutte and EU leaders praised the move, saying continued pressure was key to bringing Putin to the negotiating table.
The sanctions come as fighting in Ukraine intensifies, with recent Russian strikes killing civilians, including children, in Kyiv.
