Trump Imposes Sanctions On Russia To Push Talks Over Ukraine War

The US has sanctioned Roneft and Lukoil, the two Russian oil giants, as Trump administration’s effort to assert pressure on the Kremlin to negotiate the Russia-Ukraine war. The sanctions are the first since Donald Trump returned to White House in January, and target Russian oil resources that allegedly finance the Russian war machine.

Treasury Secretary Scott Bessent, while announcing sanctions against Russia, said, “Now is the time to stop the killing and for an immediate ceasefire”. The US is sanctioning Russia’s two largest oil companies that are funding the Kremlin’s war machine, and the Treasury is ready to take further action if necessary to support President Trump’s effort to end the war”, Bessent commented. He also encouraged US allies to join in and adhere to these sanctions.

Notably, last week the British government also sanctioned Rosneft and Lukoil. The EU has sanctioned Rosneft, the Russian state-owned oil company, but not Lukoil, which is privately owned, largely due to exemptions for Hungary and Slovakia, which buy Russian oil.

As per the Guardian reports, Trump has also confirmed to cancel a planned summit with Putin over the negotiation of the Russia-Ukraine war.

A report in the Wall Street Journal on Wednesday said that the Trump administration had lifted restrictions on Ukraine’s use of British-supplied Storm Shadow cruise missiles, which allows Ukraine to use them to attack deeper inside Russia despite concerns from Washington. However, Trump later denied on social media lifting any restrictions, calling it FAKE NEWS.

Notably, Rosneft is the most significant Russian firm not yet subject to full US sanctions. However, the question that is left is whether the US would threaten foreign traders, banks, and refineries to follow the sanctions.