In a direct appeal to “stop the killing,” the US Treasury has sanctioned Russia’s two largest oil companies, Rosneft and Lukoil. The move represents the Trump administration’s most significant effort yet to force an end to the war in Ukraine by cutting off the Kremlin’s cash flow.
Treasury Secretary Scott Bessent announced the penalties, linking them directly to Vladimir Putin’s “refusal to end this senseless war.” Bessent affirmed that the Treasury is “prepared to take further action if necessary” to support President Trump’s goal of ending the conflict.
These sanctions mark a notable shift in the administration’s strategy, which has swung from pressuring Ukraine to accept peace terms to now applying direct economic pain to Moscow. The action was lauded by European allies, including Commission President Ursula von der Leyen.
The US move follows the UK’s blacklisting of both companies last week. The EU, while also preparing its 19th sanctions package, has so far only targeted Rosneft, leaving the privately-owned Lukoil untouched due to energy exemptions for Hungary and Slovakia.
The sanctions were announced just one day after President Trump confirmed he had canceled a planned summit with Putin. This diplomatic freeze, combined with the new economic warfare, indicates a new, tougher phase in the administration’s stance against the Kremlin.