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U.S. President Donald Trump on Thursday imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in a bid to pressure Vladimir Putin to agree to an immediate ceasefire in Ukraine, a move that sent global oil prices up five percent.
Reuters reported today that Trump’s decision marks a sharp reversal from his recent approach, which favoured negotiating a broader peace settlement with Moscow rather than insisting on an immediate halt to hostilities.
Speaking at the White House, Trump said, “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.”
Putin dismissed the sanctions as largely symbolic, warning that any significant disruption in supply could push global prices higher.
“This is, of course, an attempt to put pressure on Russia,” he said. “But no self-respecting country and no self-respecting people ever decides anything under pressure.”
Trump later replied, “I'm glad he feels that way. That's good. I'll let you know about it in six months from now.”
The sanctions, which target companies producing more than five percent of the world’s oil, have already prompted Chinese state oil firms to suspend Russian purchases, while refiners in India are expected to cut imports sharply, Reuters reported.
Amid ongoing fighting, Ukraine’s President Volodymyr Zelenskiy welcomed the sanctions as “very important” but stressed that greater international pressure on Moscow is necessary to secure a ceasefire.
Russia has repeatedly rejected such calls, arguing that a pause in hostilities would merely allow Ukraine to regroup while Moscow claims the initiative on the battlefield.
Meanwhile, European Union leaders met with Zelenskiy in Brussels and pledged financial support for Ukraine over the next two years, though they stopped short of using frozen Russian assets to provide Kyiv with a major loan, citing legal and political concerns.
The EU also introduced its 19th package of sanctions on Russia, banning liquefied natural gas imports and targeting associated entities, including Chinese refiners and Central Asian banks.
Putin warned that any strikes deep into Russian territory would elicit a “very serious, if not overwhelming” response.
Lithuania also reported two Russian military aircraft briefly entered its airspace, prompting NATO to lodge a formal protest.
While Russia’s oil and gas revenues, which account for around a quarter of its budget, have fallen by 21 percent year-on-year, the immediate financial impact of the U.S. and EU measures may be limited, as Moscow relies heavily on taxing domestic production rather than exports.
Trump’s latest sanctions signal a renewed U.S. push to exert economic pressure on Moscow as the four-year war in Ukraine continues. - October 24, 2025