Trump Sanctions Russian Oil Giants, Cancels Putin Summit

The US has imposed new sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in a significant move by the Trump administration to pressure the Kremlin over its war in Ukraine. This action marks the first major sanctions against Russia since Donald Trump returned to the White House and is aimed directly at cutting off oil revenues that finance the Russian military.
In a related sign of deteriorating relations, President Trump confirmed he had cancelled a planned summit with Russian President Vladimir Putin. Speaking in the Oval Office with the NATO secretary general, Trump stated, “It didn’t feel right to me,” suggesting negotiations had stalled. “We’ll do it in the future,” he added.
Treasury Secretary Scott Bessent announced the sanctions, calling for an “immediate ceasefire.” Bessent emphasized that the action was a direct result of “President Putin’s refusal to end this senseless war” and warned that the Treasury is “prepared to take further action if necessary” to support Trump’s efforts to end the conflict.
The US move follows similar actions by allies. The British government sanctioned both companies last week. The EU has sanctioned the state-owned Rosneft but not the privately-owned Lukoil, a split largely attributed to exemptions for Hungary and Slovakia, which rely on Russian oil.
The sanctions announcement came amid conflicting information regarding military aid. Trump took to social media to deny a story that his administration had approved Ukraine’s use of British-supplied Storm Shadow missiles deep inside Russia, calling the story “FAKE NEWS!” and stating the “U.S. has nothing to do with those missiles.”