President Donald Trump has announced sweeping new sanctions on Russia’s two largest oil giants, Rosneft and Lukoil, after saying his latest talks with Vladimir Putin “don’t go anywhere.” The move marks the sharpest turn yet in Trump’s evolving stance on Moscow and signals mounting frustration over the Kremlin’s refusal to advance peace negotiations in Ukraine.
The sanctions, unveiled late Wednesday, target Russia’s most lucrative exports — oil and gas — which underpin much of the Kremlin’s war financing. Both Rosneft and Lukoil account for roughly 3.1 million barrels of oil per day, nearly 6% of global output, according to UK government estimates. The penalties follow similar measures by the UK last week and are aimed at tightening pressure on Moscow as the war drags into its fourth year.
“I just felt it was time. We waited a long time,” Trump told reporters, describing the sanctions as “tremendous” but suggesting they could be lifted if Russia agrees to “stop this senseless war.”
The announcement came a day after Trump shelved a planned meeting with Putin in Budapest, citing a lack of progress. “Every time I speak to Vladimir, I have good conversations — and then they don’t go anywhere,” he said.
The Kremlin dismissed the sanctions as having little real effect, insisting Russia’s economy was “immune” to Western pressure. Still, the decision marks a major departure from Trump’s earlier position that sanctions would only follow if Europe halted Russian energy imports.
In Washington, Treasury Secretary Scott Bessent said the restrictions were necessary due to “Putin’s refusal to end this senseless war.” Ukraine’s President Volodymyr Zelensky welcomed the move, calling it “a good signal” and urging other nations to follow suit.
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European allies echoed that sentiment. EU Commission President Ursula von der Leyen hailed the coordinated effort as “a clear signal from both sides of the Atlantic that we will keep up collective pressure.”
Meanwhile, fighting in Ukraine continued overnight, with strikes on Kyiv killing at least two people. As the conflict grinds on, Trump’s new approach — once hesitant, now forceful — may prove to be the most consequential shift in US-Russia relations since the invasion began. Whether it brings Moscow closer to the table remains to be seen.