US Imposes Sanctions on Russia's Largest Oil Firms, Citing Putin's Dishonesty

The United States, under President Donald Trump, has imposed one of its largest-ever sanctions packages against Russia, targeting the country's two largest oil companies, Rosneft and Lukoil, due to Russian leader Vladimir Putin's lack of honesty in Ukraine peace talks. Treasury Secretary Scott Bessent highlighted that these sanctions aim to disrupt funding for the Kremlin's war efforts and indicated readiness for additional measures if necessary. The sanctions followed the cancellation of a planned Trump-Putin summit in Budapest, reflecting disappointment over stalled ceasefire negotiations. Alongside the U.S., the European Union announced new sanctions, including a ban on Russian liquefied natural gas imports by 2027 and restrictions on oil tankers and Russian diplomats. Despite President Trump's earlier reluctance to impose new sanctions, hoping to encourage peace, recent developments signaled a shift due to Putin's failure to engage constructively. These coordinated Western sanctions represent a significant escalation intended to pressure Russia amid ongoing conflict in Ukraine.