Illustrating a dramatic “swing of the pendulum” in its foreign policy, the Trump administration has imposed harsh sanctions on Russian oil titans Rosneft and Lukoil. This move marks a pivot from pressuring Kyiv to sue for peace to expressing direct frustration with Moscow.
The sanctions are the administration’s most direct attempt to date to cut off the money funding Russia’s war in Ukraine. Treasury Secretary Scott Bessent said the action was a result of “President Putin’s refusal to end this senseless war” and called for an immediate ceasefire.
This new, harder line on the Kremlin was reinforced when President Trump confirmed he had canceled a planned meeting with Vladimir Putin. Trump said the timing “didn’t feel right” and that he didn’t see a path to a breakthrough, though he left the door open for a future meeting.
The action was met with relief in European capitals. European Commission President Ursula von der Leyen praised the move, calling it a “clear signal from both sides of the Atlantic” of “collective pressure on the aggressor.” The EU is also readying its own 19th sanctions package.
This move follows a previous, less direct action where Trump levied a 25% tariff on goods from India as retaliation for its purchase of discounted Russian oil. The new sanctions on Rosneft and Lukoil directly target the source of the Kremlin’s wealth.
