US Hits Putin’s War Chest: Sanctions Target Russia’s Top Oil Giants

The United States has escalated its economic pressure on the Kremlin by sanctioning Rosneft and Lukoil, Russia’s two largest oil companies. This move, announced by the Trump administration, is designed to choke off the primary revenue streams funding Vladimir Putin’s war machine in Ukraine.
These are the first such sanctions imposed since Donald Trump returned to the White House, signaling a significant shift in his administration’s approach to the conflict. The action aims to force Moscow to the negotiating table by targeting the “lifeblood” of the Russian economy.
Treasury Secretary Scott Bessent announced the move, stating, “Now is the time to stop the killing and for an immediate ceasefire.” He emphasized that Putin’s “refusal to end this senseless war” prompted the action, adding that Treasury is prepared to do more to support the president’s efforts to end the conflict.
The US move follows similar actions by allies. The British government sanctioned both Rosneft and Lukoil last week. The EU has sanctioned the state-owned Rosneft but not the privately-owned Lukoil, a compromise made necessary by exemptions for member states like Hungary and Slovakia.
This pivot toward pressuring Moscow comes after a period where the administration seemed focused on coercing Kyiv to sue for peace. The sanctions were announced the day after Trump confirmed he had canceled a planned summit with Putin, citing a lackof progress.