US Targets Russian Oil Firms with Sanctions as Trump Voices Unease Over Putin Summit

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US President Donald Trump has slapped major sanctions on Russia’s two largest oil companies after concluding that Vladimir Putin was not being “honest and forthright” in Ukraine talks, the US treasury chief said.

U.S. Treasury Secretary Scott Bessent announced sanctions targeting Russia’s largest oil companies, Rosneft and Lukoil, citing President Putin’s persistent refusal to end the ongoing conflict. “Treasury is sanctioning these firms as they are instrumental in funding the Kremlin’s war efforts,” Bessent stated.

He warned that Treasury was prepared “to take further action if necessary” to support Trump’s efforts to end the war.

Prior to the official announcement, Bessent spoke with Fox Business, describing the sanctions as “one of the most significant actions we’ve undertaken against the Russian Federation.”

In related news, former President Trump voiced his disappointment over stalled negotiations. “Frankly, in terms of honesty, whenever I converse with Vladimir, the talks are always promising at first, but they ultimately lead nowhere,” Trump remarked.

Trump has held off on new sanctions for months, saying he hoped to persuade Putin to make peace despite growing frustration with the Kremlin leader.

But the 79-year-old Republican’s patience apparently ran out in the space of the six days since he spoke to Putin by telephone last Friday.

“We cancelled the meeting with President Putin — it just didn’t feel right to me,” Trump told reporters at the White House on Thursday.

“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.”

Trump also expressed frustration with the stalled negotiations. “In terms of honesty, the only thing I can say is, every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere. They just don’t go anywhere,” he said.

The European Union said on Wednesday it was also imposing new sanctions on Russia.

They include a ban on importing liquefied natural gas from Russia by 2027, the blacklisting of oil tankers used by Moscow and travel curbs on Russian diplomats.

Since returning to office in January, Trump has repeatedly dangled the threat of sanctions against Russia without pulling the trigger as he seeks an elusive end to Russia’s three-and-a-half-year war.

Trump had held out hope of a ceasefire deal last week after speaking to Putin, saying that the two leaders had agreed to meet in Budapest within two weeks.