The Trump administration has issued a demand for an “immediate ceasefire” in Ukraine and is backing its words with significant economic action, sanctioning Russia’s two largest oil companies, Rosneft and Lukoil.
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent in a statement. He said the sanctions were a direct result of “President Putin’s refusal to end this senseless war.”
These are the first major sanctions against Russia since Trump returned to office. They are aimed at cutting off the oil revenues that “fund the Kremlin’s war machine.”
The diplomatic track has also frozen. President Trump confirmed he had cancelled a planned summit with Vladimir Putin, citing a lack of progress. “I cancelled it,” Trump said. “But we’ll do it in the future.”
The US move was welcomed by European Commission President Ursula von der Leyen. She called it a “clear signal” of “collective pressure” and noted that the EU’s 19th sanctions package is “imminent.”