In a sharp turn in U.S. foreign policy, the President announced new Trump sanctions on Russia’s two largest oil companies. Rosneft and Lukoil were sanctioned after talks with President Vladimir Putin failed to produce a breakthrough toward ending the war in Ukraine.
The move marks Trump’s strongest economic response to Moscow since the conflict began over three years ago.
Read more on the Treasury Department’s sanctions announcement
Trump Sanctions: A Major Policy Shift
Speaking at the White House on October 22, Trump said the Trump Sanctions were intended to increase pressure on Russia to come to the negotiating table.
“These are tremendous sanctions — these are very big because they’re against their two big oil companies,” Trump said. “I hope they won’t last long, and that President Putin will become reasonable.”
The sanctions target Russia’s vital oil sector, freezing assets and restricting international transactions with Rosneft, Lukoil, and several subsidiaries. The move follows similar action taken by Britain last week. Analysts say the sanctions could severely limit Russia’s oil exports — the main source of funding for its ongoing military operations in Ukraine.
