The U.S. Treasury Department announced sweeping sanctions on Russia’s oil sector, targeting its two largest companies—Rosneft and Lukoil—in response to President Vladimir Putin’s continued aggression in Ukraine. Treasury Secretary Scott Bessent emphasized the urgency of halting the violence and called for an immediate ceasefire, stating that these sanctions aim to cripple the Kremlin’s war funding. President Donald Trump, who recently canceled a planned meeting with Putin, described the sanctions as “tremendous” and expressed hope that they would lead to a resolution of the conflict. Ukrainian Ambassador Olga Stefanishyna voiced strong support, asserting that peace can only be achieved through pressure and international unity.
Despite recent signs of diplomatic thawing, including calls between Trump and Putin, efforts to broker peace have stalled. A tense exchange between Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov highlighted Russia’s refusal to agree to a ceasefire before negotiations, a key demand from Kyiv and its allies. Trump cited this impasse as the reason for canceling the meeting with Putin, lamenting that conversations with the Russian leader often fail to yield progress. The sanctions come amid mounting pressure from Ukraine, European nations, and bipartisan voices in Congress urging the U.S. to take stronger action against Russia’s war efforts