US Treasury Secretary Scott Bessent announces that sanctions will be imposed on Russia on ‘Kudlow’.
The Treasury Department under President Donald Trump on Wednesday imposed sanctions on Russia’s two biggest oil producers, Rosneft and Lukoil, escalating pressure on the Kremlin to end the war in Ukraine.
Treasury Secretary Scott Bessent said the measure targets oil companies that “finance the Kremlin’s war machine” and called on Moscow to agree to an “immediate ceasefire.”
“We have canceled the meeting with President Putin,” Trump told reporters in the Oval Office on Wednesday, along with NATO Secretary General Mark Rutte, not long after the sanctions were announced. “It just didn’t feel right for him. It didn’t feel like we were going to get to the place we needed to go, so I canceled it. But we will do it in the future.”
Bessent said in a Treasury Department press release announcing the sanctions that the bloodshed in Ukraine must stop.
TRUMP DEMANDS NATO ALLIES TO STOP RUSSIAN OIL PURCHASES BEFORE NEW US SANCTIONS
The Trump administration announced sweeping sanctions against Russian oil giants on Wednesday. (Getty Images / Getty Images)
“Now is the time to stop the killing and for an immediate ceasefire,” Bessent said. ‘Given the chairman [Vladimir] Putin’s refusal to end this senseless war has the Treasury Department sanctioning Russia’s two largest oil companies that finance the Kremlin’s war machine. The Treasury Department stands ready to take further action if necessary to support President Trump’s efforts to end another war. We encourage our allies to join us in adhering to these sanctions.”
The sanctions block dozens of subsidiaries linked to both energy giants and signal a broader push to isolate Russia’s economy and “undermine the Kremlin’s ability to generate revenue for its war machine.” Officials say more action could follow if Russia continues to refuse peace talks.
“I think they will definitely have an impact there. They are huge sanctions and sanctions against oil. The two largest oil companies, one of the largest in the world,” Trump said during a press conference in the Oval Office with NATO Secretary General Mark Rutte on Wednesday, not long after the sanctions were announced.
TRUMP DOUBLE DOWN ON ‘VERY SERIOUS’ CONSEQUENCES THREAT IF PUTIN BLOCKS THE PEACE PROCESS
President Donald Trump and Russian President Vladimir Putin shake hands during a peace summit in Alaska, August 15. (Reuters/Reuters)
‘But they are Russians. They supply a lot of oil. And hopefully it will give a push. Hopefully [Putin] become reasonable and hopeful [Ukrainian President Volodymyr] Zelenskyy will be reasonable if you know that it takes two to tango.”
The Treasury Department’s release reflected Trump’s sentiments and pointed the finger at Moscow.
“The United States will continue to advocate for a peaceful resolution to the war, and permanent peace depends entirely on Russia’s willingness to negotiate in good faith. The Treasury Department will continue to use its authorities in support of a peace process,” the Treasury Department said.
Treasury Secretary Scott Bessent speaks during a meeting with U.S. President Donald Trump in the White House Cabinet Room, October 14, in Washington, D.C. (Kevin Dietsch/Getty Images/Getty Images)
The sanctions authority, Executive Order 14024, was used to justify the measure.
US allies were encouraged to follow suit, and all assets under US jurisdiction are now frozen.
