Trump's "Tremendous" Sanctions Hit Russia Oil Giants Amid Ukraine War

The move comes after months of stalled diplomacy and growing frustration with Russian President Vladimir Putin's actions.

"Today is a very big day. Look, these are tremendous sanctions. These are very big. Those are against their two big oil companies... We hope that the war will be settled. We just answered questions related to the various forms of missiles and everything else we're examining. However, we don't think that will be necessary. We would like to see them just take the line that has been formed over quite a long period of time and go home," President Trump said during an interaction with journalists at the White House, while hosting NATO Secretary General Mark Rutte.

This comes shortly after the US Department of the Treasury imposed sanctions on the Russian oil companies.

Trump also said that almost 8,000 soldiers were killed in the Russia-Ukraine war, calling it "ridiculous" and reiterating that if he had been the US President, the war would not have started 4 years back.

"Last week, they had almost 8,000 soldiers killed. Many Russians and Ukrainians were killed last week. We think it's ridiculous, and we'd like it to end... I think they both want peace at this point. It's almost four years... If I were president, it never would have started...," added Trump.

The US President also expressed his frustration with Russian President Vladimir Putin's actions in Ukraine.

On being asked why sanctions against Russia are being elevated now, US President Donald Trump said, "I just felt it was time. We've waited a long time.

Rutte also praised President Trump's efforts in "breaking the deadlock" with Russia, and helping deliver peace in Ukraine.

"The next big thing has to be Ukraine-Russia. NATO wants to help, essentially delivering on your vision of peace in Ukraine. I really would like to thank you for everything you are doing, including breaking the deadlock with Putin. Starting the dialogue, when you came in as President in January, but also what all you did with NATO", Rutte told President Trump.

The US Department of the Treasury on Wednesday (local time) imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, in an effort to pressure the Kremlin to end its war in Ukraine.

The sanctions aim to degrade Russia's ability to raise revenue for its war machine and support its weakened economy.

"Today's actions increase pressure on Russia's energy sector and degrade the Kremlin's ability to raise revenue for its war machine and support its weakened economy. The United States will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia's willingness to negotiate in good faith. Treasury will continue to use its authorities in support of a peace process," the US Treasury's statement read.

"Now is the time to stop the killing and for an immediate ceasefire," said Secretary of the Treasury Scott Bessent, according to the statement.

"Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine. Treasury is prepared to take further action if necessary to support President Trump's effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions," he added.

Rosneft and Lukoil are now designated, resulting in the freezing of their assets in the US and restricting US persons from engaging in financial transactions with them. All entities owned 50% or more by Rosneft and Lukoil are blocked, regardless of whether they are designated by OFAC.

Trump's move follows Britain's recent sanctioning of Rosneft and Lukoil.

When asked about the possibility of giving Ukraine Tomahawk missiles, President Trump repeated that such a possibility is "too far out in the future" and that the US will not "teach" others how to use their weapons, talking about the long training period required to manage the missile.

"The problem with Tomahawk, a lot of people don't know, it will take a minimum of six months to a year to learn how to use them; they are highly complex, so the only way a Tomahawk is being shot is if we shoot it, and we are not going to do that. There is a tremendous learning curve associated with the weapon; it is a very powerful and accurate one, and perhaps that is what makes it so complex. But it will take a year; it takes a year of intense training to learn how to use it. We know how to use it, and we are not going to be teaching other people. It is too far out into the future", he said.

Meanwhile, the potential visit of President Trump with Russian President Vladimir Putin has been postponed indefinitely, CNN reported, citing sources from the White House.

This comes despite Russia on Monday stating that Russian Foreign Minister Sergey Lavrov and US Secretary of State Marco Rubio held a "constructive" conversation as part of preparations for the meeting between their two presidents in Budapest, Hungary, Russian media has reported.

"On October 20, a phone conversation was held between Russian Foreign Minister Sergey Lavrov and US Secretary of State Marco Rubio. A constructive discussion of potential specific steps in the interests of implementing the understandings reached during the October 16 phone conversation between Russian President Vladimir Putin and US President Donald Trump was held," the Russian foreign ministry stated, according to TASS.

However, a source familiar with the matter told CNN that officials felt, after the Rubio-Lavrov call, that the Russian position had not evolved enough beyond its maximalist stance.

According to the sources, Lavrov and Rubio disagreed on how to peacefully settle the Ukrainian conflict, at least for now. Rubio is unlikely to recommend that the Putin-Trump meeting proceed next week, but Rubio and Lavrov could speak again this week, CNN reported.

- ANI