US Treasury Secretary Scott Bessent announces sanctions against Russia will be imposed on Kudlow.
President Donald Trump’s Treasury Department sanctioned Russia’s two largest oil producers, Rosneft and Lukoil, on Wednesday, stepping up pressure on the Kremlin to end its war in Ukraine.
Treasury Secretary Scott Bessent said the move targeted oil companies that “fund 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 alongside NATO Secretary General Mark Rutte on Wednesday, shortly after the sanctions were announced. “It just didn’t feel right. We didn’t feel like we were going to get to where we need to get to, so I canceled it. But we will in the future.”
Bessent said in a Treasury Department press release announcing the sanctions that the bloodshed in Ukraine must stop.
Trump asks NATO allies to end Russian oil purchases before new US sanctions
The Trump administration announced drastic sanctions against Russian oil giants on Wednesday. (Getty Images/Getty Images)
“Now is the time to put an end to the massacres and establish an immediate ceasefire,” Bessent said. “Given the president [Vladimir] Faced with Putin’s refusal to end this senseless war, the Treasury is sanctioning the two largest Russian oil companies which finance the Kremlin’s war machine. Treasury stands ready to take additional action if necessary to support President Trump’s efforts to end another war. We encourage our allies to join us and adhere to these sanctions. »
The sanctions block dozens of subsidiaries linked to the two energy giants and signal a broader desire to isolate the Russian economy and “degrade the Kremlin’s ability to generate revenue for its war machine.” Officials say more steps could follow if Russia continues to refuse peace talks.
“I think they will definitely have an impact there. These are massive sanctions and oil sanctions. The two largest oil companies, among the largest in the world,” Trump said at an Oval Office news conference alongside NATO Secretary General Mark Rutte on Wednesday, shortly after the sanctions were announced.
Trump doubles down on threat of ‘very serious’ consequences if Putin blocks peace process
President Donald Trump and Russian President Vladimir Putin shake hands during a peace summit in Alaska on August 15. (Reuters/Reuters)
“But they’re Russian. They produce a lot of oil. And I hope that it will grow. I hope that, [Putin] will become reasonable and I hope [Ukrainian President Volodymyr] Zelensky will be reasonable, you know, it takes two to tango.”
The Treasury release echoes Trump’s sentiments, pointing the finger at Moscow.
“The United States will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia’s willingness to negotiate in good faith. Treasury will continue to use its authorities to support a peace process,” the Treasury Department said.
Treasury Secretary Scott Bessent speaks during a meeting with U.S. President Donald Trump in the Cabinet Room of the White House October 14 in Washington, DC. (Kevin Dietsch/Getty Images/Getty Images)
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The sanctions authority, Executive Order 14024, was used to justify this decision.
US allies have been encouraged to follow suit, and all assets under US jurisdiction are now frozen.
