U.S. Freezes Rosneft, Lukoil; Further Sanctions Possible

On Oct. 22 President Trump imposed sanctions freezing U.S.-based assets of Russia’s oil giants Rosneft and Lukoil, a move that pushed global oil prices higher and prompted some buyers to seek alternatives. The U.S. administration has prepared possible additional sanctions that could target Russia’s banking sector and oil-export infrastructure if Moscow does not end the war. Washington has told European partners it supports the EU using frozen Russian sovereign assets to purchase U.S. weapons for Kyiv and has held preliminary talks about leveraging Russian assets held in the U.S., though legal and credit-rating concerns in EU jurisdictions complicate repurposing those funds. The EU has announced follow-up measures, including a planned ban on Russian LNG imports by 2027, while Ukrainian leaders continue to press for long-range weapons such as Tomahawk missiles and dozens of Patriot air-defence systems. U.S. officials say they would prefer European allies to take the next major steps, and Trump has indicated he may pause to gauge Moscow’s reaction while portraying himself as a peacemaker as talks over further measures remain stalled.