Treasury Secretary Scott Bessent is leading the Trump administration’s new hard line against Russia, announcing sanctions on oil giants Rosneft and Lukoil and warning of more to come.
“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies,” Bessent said in a statement. He called for an “immediate ceasefire” and said the Treasury “is prepared to take further action if necessary.”
This action is the first major sanction against Russia since Trump’s return to the White House and marks a shift in policy. The administration appears to be moving from seeking a quick peace deal to punishing Moscow for its “maximalist demands.”
The new sanctions were praised by European allies. European Commission President Ursula von der Leyen confirmed she had spoken with Bessent and welcomed the “clear signal” of “collective pressure” on the Kremlin.
The economic pressure was reinforced by President Trump’s cancellation of a planned summit with Putin. Trump told reporters in the Oval Office that he scrapped the meeting because “it didn’t feel right.”
