Trump Enacts New Sanctions on Major Russian Oil Firms

President Donald Trump announced significant new sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil, on October 22, 2025. This decision marks a decisive move in Trump’s ongoing efforts to pressure Vladimir Putin to cease military actions in Ukraine. During a meeting in the Oval Office with NATO Secretary-General Mark Rutte, Trump expressed that it was “time” to implement tougher measures against Russia.

The Treasury Department outlined that the sanctions will specifically affect Rosneft and Lukoil, along with their subsidiaries. In a statement, Treasury Secretary Scott Bessent emphasized the necessity of these penalties, stating, “Now is the time to stop the killing and for an immediate ceasefire.” He further noted that the sanctions would hinder the Kremlin’s ability to fund its military operations.

Trump characterized the sanctions as “tremendous” and “very big,” asserting their importance in the broader context of international diplomacy. “These are against their two big oil companies, and we hope that they won’t be on for long,” he said, expressing optimism that they could lead to a resolution of the conflict. He added, “We’ve waited a long time,” in response to questions about the timing of the sanctions, which had been anticipated for months.

In conjunction with the announcement, Bessent indicated that the U.S. is prepared to take further actions if necessary to bolster Trump’s diplomatic efforts. The sanctions come as tensions continue to escalate, with Bessent revealing that a planned summit with Putin, initially set to occur in Hungary, has been canceled. “It didn’t feel like we were going to get to the place we have to get,” Trump remarked regarding the summit’s cancellation, although he maintained that negotiations could occur in the future.

Rutte, present during the announcement, highlighted the role of sanctions in increasing pressure on Putin to engage in negotiations. He stated, “It’s all about changing the calculus,” urging that a ceasefire must be the first step towards peace.

As the situation develops, the international community watches closely to see how these sanctions will impact both Russia’s economy and the ongoing conflict in Ukraine. The U.S. administration continues to advocate for unity among allies in enforcing these measures, reinforcing the collective stance against aggression in Eastern Europe.