United States Enforces Restrictions on Russian Oil Due to Putin’s Unwillingness to Cease Conflict in Ukraine
Donald Trump has imposed sanctions on the two biggest Russian oil companies following the conclusion that the Russian leader was not being truthful and direct in Ukraine talks, America’s Treasury Secretary has said.
The sanctions against Rosneft and Lukoil came a day after a planned Trump-Putin summit in the Hungarian capital got postponed, with Washington voicing its frustration at the lack of progress in peace talks with Russia.
“Given President Putin’s refusal to stop this needless conflict, [the] treasury is imposing sanctions on the two biggest Russian petroleum firms that fund the Kremlin’s war machine,” America’s Treasury chief, the Secretary, said on Wednesday.
He warned that the Treasury was ready “to implement additional measures if necessary” to back the President’s initiatives to conclude the conflict.
Speaking to a business news network before the official announcement, Bessent said the action was “among the biggest restrictions that we have imposed against the Russian Federation”.
Trump has held off on fresh restrictions for months, saying he hoped to persuade Putin to reach a peace agreement despite growing frustration with him. But the president’s patience seemed to expire in the week after he talked to Putin by telephone last Thursday.
The European Union also announced new sanctions on Russia on the same day. They include a prohibition on bringing in LNG from Russia by 2027, the blacklisting of oil tankers operated by Russia and travel restrictions on Russia’s diplomatic personnel.
