The United States has targeted the “lifeblood” of Vladimir Putin’s economy, imposing new sanctions on Russia’s top two oil producers, Rosneft and Lukoil. The move is the most significant economic attack on Russia by the Trump administration.
The sanctions aim to cut off the key revenues financing Russia’s war in Ukraine. Treasury Secretary Scott Bessent said the action was taken because of “President Putin’s refusal to end this senseless war” and called for an “immediate ceasefire.”
This aggressive move follows other, less direct measures, such as a 25% tariff on Indian goods for buying discounted Russian oil. Targeting Rosneft and Lukoil directly strikes at the source of the Kremlin’s wealth.
A former sanctions official, Edward Fishman, noted that Rosneft was the “most important Russian firm not yet under full US sanctions.” He added that the long-term effectiveness will “depend on the US commitment to active, ongoing enforcement” against foreign banks and traders.
The sanctions were announced after President Trump canceled a planned meeting with Putin, signaling a new low in relations and a hardening of the US position against the Kremlin.
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