US sanctions Russian oil companies for ‘lack of serious commitment to peace’; Trump says ‘it was time’

The United States has imposed sanctions on two major Russian oil companies, citing their “lack of serious commitment to peace in Ukraine,” as President Donald Trump noted that conversations with Russian President Vladimir Putin were “good” but did “not go anywhere.”

The move to sanction the Russian oil companies, announced by the US Department of the Treasury, targets firms to increase pressure on Russia’s energy sector. The sanctions have been imposed on Russia's two largest oil companies, Rosneft and Luko.

Announcing the sanctions, Secretary of the Treasury Scott Bessent said, “Now is the time to stop the killing and for an immediate ceasefire.”

“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions,” he said.

The sanctions have come just as Moscow conducted a major training exercise involving nuclear arms. The new sanctions were unveiled one day after plans for a summit between Donald Trump and Vladimir Putin were put on hold.

The implications of the sanctions

As per the Department of Treasury, “all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of US persons are blocked”.

In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.

Violations of the sanctions may result in the imposition of civil or criminal penalties on US and foreign persons.

Was 'time’ for sanctions, talks don't go anywhere: Trump

President Donald Trump, who took to Truth Social, to announce the new sanctions on Russia, said it was “time” for such measures, signaling a step toward pressuring Russia to change its course and end war on Ukraine.

Hoping that the “tremendous” sanctions on Russia will be “short-lived,” Donald Trump also revealed that he canceled a planned summit with Russian President Vladimir Putin because it did not feel right to him.

Speaking with the journalists outside the White House regarding the sanctions, Donald Trump said, “Every time I speak with Vladimir, I have good conversations, and then they don't go anywhere.”