US Imposes Sanctions on Russian Oil Firms Amid Trump's Discomfort with Putin Summit

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US President Donald Trump has slapped major sanctions on Russia’s two largest oil companies after concluding that Vladimir Putin was not being “honest and forthright” in Ukraine talks, the US treasury chief said.

U.S. Treasury Secretary Scott Bessent has announced sanctions targeting Russia’s two biggest oil companies, Rosneft and Lukoil, in a bid to curb the Kremlin’s financial support for its military efforts. “With President Putin unwilling to bring this unnecessary conflict to a close, we are imposing sanctions on two major oil entities that fuel Russia’s war machine,” Bessent stated.

He warned that Treasury was prepared “to take further action if necessary” to support Trump’s efforts to end the war.

In a preview of the announcement on Fox Business, Bessent emphasized the significance of the action, calling it “one of the most substantial sanctions we have enacted against the Russian Federation.”

Meanwhile, former President Trump voiced his impatience over stalled diplomatic talks. “Honestly, whenever I engage in discussions with Vladimir, they are cordial, but ultimately, they lead nowhere. It’s just an endless cycle,” he remarked.

Trump has held off on new sanctions for months, saying he hoped to persuade Putin to make peace despite growing frustration with the Kremlin leader.

But the 79-year-old Republican’s patience apparently ran out in the space of the six days since he spoke to Putin by telephone last Friday.

“We cancelled the meeting with President Putin — it just didn’t feel right to me,” Trump told reporters at the White House on Thursday.

“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.”

Trump also expressed frustration with the stalled negotiations. “In terms of honesty, the only thing I can say is, every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere. They just don’t go anywhere,” he said.

The European Union said on Wednesday it was also imposing new sanctions on Russia.

They include a ban on importing liquefied natural gas from Russia by 2027, the blacklisting of oil tankers used by Moscow and travel curbs on Russian diplomats.

Since returning to office in January, Trump has repeatedly dangled the threat of sanctions against Russia without pulling the trigger as he seeks an elusive end to Russia’s three-and-a-half-year war.

Trump had held out hope of a ceasefire deal last week after speaking to Putin, saying that the two leaders had agreed to meet in Budapest within two weeks.