Trump Imposes Significant Sanctions on Russian Oil Titans
President Donald Trump has imposed significant sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, on Wednesday. This move is part of an escalating pressure to end the war in Ukraine. The announcement of the sanctions came from the Treasury Department after Trump canceled a planned meeting with Vladimir Putin in Budapest, citing a lack of progress in peace negotiations.
“I just felt it was time. We’ve waited a long time,” Trump said during a meeting with NATO Secretary-General Mark Rutte. “These are tremendous sanctions. These are very big.” Following the announcement, oil prices jumped over 5%, with U.S. crude rising to $61.79 per barrel.
Treasury Secretary Scott Bessent stated that the sanctions target companies that “fund the Kremlin’s war machine” and called for “an immediate ceasefire.” This move marks the first such action against Russia in Trump’s second term and comes after similar measures by the UK and EU. Chinese state oil companies have reportedly suspended purchases of Russian oil following the announcement.
Source: https://www.npr.org/2025/10/23/nx-s1-5583519/trump-sanctions-russia-oil-ukraine