Trump's New Russia Sanctions: Why Oil Giants Face Wrath Amid Ukraine War

President Trump has imposed significant sanctions on Russia's two largest oil companies in his latest effort to end the Ukraine conflict. The sanctions target Rosneft and Lukoil specifically, marking Trump's first new Russia sanctions during his second term. Trump canceled a planned meeting with Putin in Budapest, stating it "didn't feel right" and wouldn't produce results. The president continues to push for a settlement, suggesting both sides should "stop where they are" and declare victory.

Key Points: Trump Sanctions Rosneft Lukoil Russia Oil Companies Ukraine

  • Trump targets Russia's largest oil companies Rosneft and Lukoil with new sanctions
  • President cancels planned Budapest meeting with Putin citing wasted effort concerns
  • Trump emphasizes previous conversations with Putin failed to produce breakthroughs
  • US leader suggests both Russia and Ukraine should stop fighting and claim victory
3 min read

Trump sanctions two Russian oil companies, hopes Ukraine 'war will be settled'

President Trump imposes sanctions on Russia's top oil firms Rosneft and Lukoil, cancels Putin meeting, and pushes for Ukraine war settlement amid diplomatic efforts.

Trump sanctions two Russian oil companies, hopes Ukraine 'war will be settled'
"These are tremendous sanctions. These are very big against their two big oil companies. - Donald Trump"

Washington, Oct 23

For the first time in his second term, US President Donald Trump has imposed new sanctions on Russia, targeting its two largest oil companies, in his latest bid to end the conflict in Ukraine.

The US Treasury Department targeted Russian companies -- Rosneft and Lukoil, and their subsidiaries, warning that a future action could not be ruled out.

While meeting NATO Secretary General Mark Rutte at the White House, Trump said he hoped that the "war will be settled".

"These are tremendous sanctions. These are very big against their two big oil companies. And we hope that they won't be on for long. We hope that the war will be settled," he added.

Trump also noted his previous conversations with Russian President Vladimir Putin had not led to any breakthroughs.

"Every time I speak with Vladimir, I have good conversations, and then they don't go anywhere. They just don't go anywhere. He's fighting a war. He's in a war. It's two very competent sides, and that's the way war is. You never know with war, but I would say that it's time to make a deal," he emphasised.

Trump, on Tuesday, cancelled his proposed meeting with Putin in Budapest in Hungary, saying he doesn't "want to have a wasted meeting".

On Wednesday, he said, "it didn't feel right" to him.

"We cancelled the meeting with President Putin. It just didn't feel right to me. It didn't feel like we were going to get to the place we have to get. So, I cancelled it, but we'll do it in the future," he noted.

The decision was taken to cancel the meeting after a phone call between US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov on Monday.

Last week, Trump held a two-and-a-half-hour-long phone call with the Russian President and said "great progress" was made in the conversation.

A day after the call, Trump hosted his Ukrainian counterpart, Volodymyr Zelensky, at the White House, calling his meeting "very interesting and cordial".

"The meeting with President Volodymyr Zelensky of Ukraine was very interesting, and cordial, but I told him, as I likewise strongly suggested to President Putin, that it is time to stop the killing, and make a DEAL!," the US President wrote on Truth Social.

Trump also suggested that both leaders should "stop where they are" and "claim victory".

After mediating a ceasefire in Gaza, Trump has shifted his attention to the Russia-Ukraine war and has stepped up efforts to end the conflict.

Trump's highly publicised summit with Putin in Alaska in August ended without an agreement.

- IANS

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Reader Comments

P
Priya S
Interesting timing after the Gaza ceasefire. Trump seems to be playing global mediator. But honestly, this back-and-forth with Putin looks like political drama. First cancels meeting, then says they'll meet later? 🤔
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Arjun K
While I support peace efforts, I'm concerned about how this affects global oil prices. India imports significant energy, and any disruption impacts our economy. Hope this doesn't lead to fuel price hikes here.
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Michael C
As someone living in India, I appreciate the effort but Trump's approach seems inconsistent. Good conversations that go nowhere, cancelled meetings, then more talks. This uncertainty doesn't help global stability.
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Shreya B
The suggestion to "stop where they are and claim victory" sounds impractical. How can Ukraine claim victory when they've lost territory? This war needs proper resolution, not just face-saving measures.
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Vikram M
India has maintained a balanced position on this conflict, and I think that's wise. While we want peace, we also need to protect our strategic interests and relationships with all nations involved.

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