The Treasury Department moved decisively Wednesday, unveiling a sweeping new round of sanctions against Russia — aimed squarely at the two oil giants that, in the administration’s words, “fund the Kremlin’s war machine.”
The measures target Rosneft Oil Company, Lukoil OAO, and dozens of their subsidiaries. In a statement, the Trump administration said the sanctions were imposed because of “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”
READ SANCTIONS ANNOUNCEMENT HERE: Treasury Sanctions Major Russian Oil Companies, Calls on Moscow to Immediately Agree to Ceasefire
Speaking earlier on Fox Business, Bessent described the move as “one of the largest sanctions that we have done against the Russian Federation.”
“President Putin has not come to the table in an honest and forthright manner, as we’d hoped,” he added. “There were talks in Alaska. President Trump walked away when he realized that things were not moving forward. There have been behind-the-scenes talks, but I believe that the president is disappointed at where we are in these talks.”
.@SecScottBessent: "President Putin has not come to the table in an honest and forthright manner, as we'd hoped… we are going to be announcing a substantial increase in Russia sanctions… one of the largest sanctions that we have done against the Russian Federation." pic.twitter.com/V4I8lg1WJi
— Rapid Response 47 (@RapidResponse47) October 22, 2025
The U.S. announcement came as the European Union approved its 19th package of sanctions against Moscow, underscoring the growing international pressure on the Kremlin, Reuters reported.
A moment of resolve — and a reminder that in matters of peace and power, patience has its limits.
