Staff Reporter

President Donald Trump has announced sweeping new economic sanctions, directly targeting Russia’s two largest oil companies, Open Joint Stock Company, Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), in a major effort to choke off funding for the war in Ukraine.

The move, which he described as tremendous sanctions, came immediately after he canceled a planned summit with Russian President Vladimir Putin, citing a lack of progress in peace talks.

The Treasury Department stated the measures were necessary because the companies are the primary source of funding for the Kremlin’s war machine.

The sanctions freeze any U.S. assets of Rosneft, Lukoil, and their subsidiaries, and strictly prohibit American individuals and companies from engaging in business with them.

Speaking from the Oval Office during a meeting with NATO Secretary General Mark Rutte, Donald Trump framed the sanctions as a coercive step to hasten an end to the fighting.
“These are very big, against their two big oil companies, and we hope that they won’t be on for long.
“Every time I speak with Vladimir, I have good conversations. And then they don’t go anywhere.” Trump said.

Treasury Secretary Scott Bessent had revealed the impending action earlier, telling reporters that the administration was readying a substantial pickup in Russia sanctions in response to President Putin’s refusal to end this senseless war.