US and UK Impose Sanctions on Major Russian Oil Firms amid Ukraine War

DID Press: United States, aiming to increase economic pressure on Kremlin, has sanctioned two major Russian oil companies, Rosneft and Lukoil. This move came a day after the announcement that President Donald Trump postponed his meeting with Vladimir Putin, while the U.S. president expressed frustration over unsuccessful talks with his Russian counterpart. The United Kingdom simultaneously took similar action.

Donald Trump, U.S. President, announced on Wednesday that the two major Russian oil companies, Rosneft and Lukoil, will be subject to new U.S. sanctions for financially supporting the war in Ukraine and for the Kremlin’s unwillingness to negotiate peace. “Every time I speak with Vladimir Putin, we have good conversations, but they lead nowhere,” Trump said.

U.S. Treasury Secretary Scott Bassett said that the sanctions are intended to reduce Russia’s financial capacity to continue the war in Ukraine, and his office will support all necessary measures to assist Trump’s peace efforts. Trump described the sanctions package as “massive” and expressed hope that it would be lifted quickly if Russia halts the war.

At the same time, the United Kingdom imposed similar sanctions on Rosneft and Lukoil, increasing economic pressure on Russia. U.K. Prime Minister Keir Starmer emphasized that Russia must pay the cost of its aggression in Ukraine.

The Russian Embassy in London warned that targeting the country’s major energy companies may disrupt the global fuel supply, increase prices, and ultimately make peace negotiations more difficult.

Rosneft and Lukoil together export about 1.3 million barrels of oil daily, with oil and gas being Russia’s most important export resources. Trump has called on China, India, and Turkey—the largest buyers of Russian oil—to stop purchases in order to increase economic pressure on the Kremlin.

These sanctions come a week after similar actions by the U.K. and continue prior U.S. sanctions against other major Russian energy companies. The U.S. Congress is also reviewing a plan to impose even stricter sanctions targeting countries that purchase Russian oil.