URGENT UPDATE: President Donald Trump has just announced significant new sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil, escalating pressure on President Vladimir Putin to cease hostilities in Ukraine. In a press briefing today, Trump stated, “It was time” to take decisive action, marking a pivotal moment in ongoing international efforts to halt the war.
The U.S. Treasury Department confirmed that these economic penalties will also affect subsidiaries of both companies, which are crucial to funding the Kremlin’s military operations. “Today is a very big day in terms of what we’re doing. These are tremendous sanctions,” Trump emphasized while meeting with NATO Secretary-General Mark Rutte at the White House.
Treasury Secretary Scott Bessent reiterated the urgency of the sanctions, stating, “Now is the time to stop the killing and for an immediate ceasefire.” The sanctions come after months of threats and delays, highlighting a decisive shift in U.S. policy as tensions escalate. Bessent revealed that the sanctions aim to disrupt the financial resources fueling the war, urging allies to join in this critical effort.
Earlier today, Bessent hinted at this action, indicating a “substantial pickup” in sanctions against Russia. He also announced the cancellation of an upcoming summit with Putin that was expected to take place in Hungary, signaling a firm stance in diplomatic relations. “It didn’t feel like we were going to get to the place we have to get,” Trump commented on the summit, expressing hopes for peace while maintaining pressure on Putin.
In a joint statement, NATO’s Rutte expressed that these sanctions are designed to change the strategic calculations of the Kremlin, urging for negotiations to end the conflict. “This has to be step one now,” Rutte stated, reinforcing the international community’s resolve to push for a ceasefire.
As the situation develops, the ramifications of these sanctions are expected to ripple through global oil markets, potentially affecting prices and supply chains. This urgent move underscores the increasing international resolve to hold Russia accountable for its actions in Ukraine.
Stay tuned for further updates as this story unfolds and watch for potential escalations in response from the Kremlin. The world is watching closely as the stakes continue to rise in this high-tension geopolitical landscape.
