The Trump administration has escalated its economic warfare against Russia, taking direct aim at the “war machine” by sanctioning oil giants Rosneft and Lukoil.
The move, the first major sanction of the new term, is a response to what Treasury Secretary Scott Bessent called “President Putin’s refusal to end this senseless war.” He called for an “immediate ceasefire.”
This action represents a significant shift in the administration’s strategy, which has swung from pressuring Kyiv to accept a deal to expressing open frustration with Moscow.
The change was underscored by President Trump’s cancellation of a planned summit with Vladimir Putin. “It didn’t feel right to me,” Trump said, confirming that negotiations had stalled.
The decision was celebrated in European capitals. European Commission President Ursula von der Leyen praised the coordination, noting the EU’s own 19th sanctions package is forthcoming. The EU’s measures are set to target Russian LNG and its “shadow fleet” of tankers.