Trump Sanctions Russia’s Top Oil Giants Over Ukraine War

President Donald Trump is turning up the heat on Vladimir Putin, ordering the most aggressive sanctions package against Russia since the Ukraine war began this time targeting the backbone of Moscow’s war chest: oil.

On Wednesday, the Trump administration sanctioned Rosneft and Lukoil, Russia’s two largest state-linked oil companies, along with dozens of subsidiaries. The move marks a major escalation in economic pressure after months of stalled peace talks and continued Russian aggression.

“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said. “Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. We’re prepared to take further action to support President Trump’s effort to end yet another war.”

The sanctions come just days after Trump walked away from unproductive talks with Putin in Alaska and put future meetings on ice. According to the White House, Trump refused to sit down again with the Russian dictator unless there was real progress toward ending the conflict.

Key details:

• The sanctions affect Rosneft Oil Company, Lukoil OAO, and dozens of their subsidiaries, cutting them off from U.S. financing and transactions.

• European Union leaders simultaneously approved their 19th sanctions package against Moscow, including a phased ban on liquefied natural gas imports.

• Trump has threatened sanctions since July, giving Putin 50 days to advance peace a deadline that’s long passed without results.

Treasury Secretary Bessent told Fox Business the sanctions represent “one of the largest” packages imposed on Russia to date, and emphasized that Trump is leading the global effort to hold the Kremlin accountable.

“President Putin has not come to the table in an honest and forthright manner,” Bessent said. “President Trump walked away when he realized that things were not moving forward.”

This decisive action highlights a sharp contrast between Trump’s America-first leadership and the feckless appeasement we saw under Biden. While Biden’s team relied on vague threats and empty summits, Trump is now hitting Russia where it hurts: in its energy-dominated economy.

The crackdown is also a signal to American allies: get serious or get out of the way. Trump has already urged NATO and the EU to step up their pressure on Putin, and so far, it appears the message is finally getting through.

On the diplomatic front, Trump is still pursuing a path to peace. He met last week with Ukrainian President Volodymyr Zelensky in a high-stakes Oval Office meeting, just one day after a tense phone call with Putin. Though Zelensky continues to request advanced weaponry like Tomahawk missiles, Trump has made clear that military escalation is not his first choice and that sanctions remain the preferred path to force Putin’s hand.

“I don’t want to have a wasted meeting,” Trump said Tuesday. “I don’t want to have a waste of time.”

But if sanctions don’t bring Putin to heel soon, Trump may not wait long to turn up the pressure even more. With Russia’s economy dependent on energy exports and global demand tightening, this move could bring the Kremlin to the negotiating table on Trump’s terms.

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