US Aims to Strangle Putin’s Oil Revenue with New Sanctions

In a bid to strangle the oil revenue that fuels Russia’s war in Ukraine, the Trump administration has sanctioned the country’s two largest energy producers, Rosneft and Lukoil.
The measures are the first of their kind since Trump returned to office and signal a new, tougher phase in his Russia policy. The administration is reportedly frustrated by Vladimir Putin’s “maximalist demands” in peace talks.
Treasury Secretary Scott Bessent announced the sanctions, citing Putin’s “refusal to end this senseless war.” He called for an “immediate ceasefire” and vowed the US would take “further action if necessary.”
The US now joins the UK in sanctioning both firms. The EU has so far only sanctioned the state-owned Rosneft, carving out an exception for the privately-owned Lukoil to supply refineries in Hungary and Slovakia.
The sanctions announcement was paired with the cancellation of a planned Trump-Putin summit, which the president said “didn’t feel right.” The administration also publicly denied reports it had approved Ukraine’s use of British missiles inside Russia, with Trump calling the story “FAKE NEWS!”