Washington, Oct 23 (Udaipur Kiran): The United States has imposed fresh sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in what is being described as one of the most significant moves against the Russian energy sector since Moscow’s full-scale invasion of Ukraine. The announcement was made by President Donald Trump, who said this was the first major sanctions decision of his second term.
Speaking from the Oval Office alongside NATO Secretary-General Mark Rutte, President Trump said, “It was the right time to act against Russia.” The sanctions were announced shortly after the planned Trump-Putin summit in Budapest was cancelled.
According to a report by The New York Times, this decision marks a sharp escalation in Washington’s economic pressure on Moscow. President Trump noted that his administration had been “patient for long enough,” adding that “whenever I talk to Vladimir, it’s a good conversation, but they don’t move forward.”
US Treasury Secretary Scott Basent said in an official statement, “The time has come for an immediate ceasefire between Russia and Ukraine.” He described Rosneft and Lukoil as the dual engines of the Kremlin’s war machine, highlighting their crucial role in financing Russia’s military operations.
The move also underscores a shift in Washington’s approach, as former President Joe Biden had refrained from sanctioning these companies during his tenure despite growing pressure from US allies. Analysts believe the sanctions could lead to a sharp decline in Russia’s oil revenues, significantly hurting its war economy.
Daniel Tannenbaum, a fellow at the Atlantic Council, commented, “These sanctions are a major step, but the US will have to use secondary sanctions or strong warnings to prevent third countries from continuing financial trade with Russia.” Secondary sanctions could target nations or entities that maintain business ties with Moscow despite the restrictions.
The development comes just five days after Ukrainian President Volodymyr Zelensky’s visit to the White House, which, according to insiders, did not go smoothly. Reports suggest Trump urged Zelensky to consider a ceasefire on Putin’s terms — a proposal similar to discussions held between Trump and Putin in Alaska in August.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
