Trump canceled a meeting with Putin and imposed sanctions on Russian oil companies.

The US is imposing sanctions on the Russian oil sector due to Putin's refusal to end the war in Ukraine, writes The GuardianThe Trump administration hardened its stance toward the Kremlin the day after canceling a planned summit with the Russian leader.

The US imposed sanctions against Rosneft and Lukoil, Russia's two largest oil companies, in an effort to increase pressure on the Kremlin and push it toward negotiations to end the war against Ukraine.

These are the first sanctions against Russia during Donald Trump's second term. They are aimed at depriving Moscow of oil revenues, which fuel the Russian military machine.

The Trump administration's decision marks another turn in White House policy, from attempts to force Kyiv to make peace to growing irritation with Vladimir Putin's maximalist demands.

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"It's time to stop the killing and establish an immediate ceasefire," Treasury Secretary Scott Bessent said in announcing the sanctions. "Because President Putin refuses to end this senseless war, the Treasury Department is imposing sanctions on two of Russia's largest oil companies, which are funding the Kremlin's war machine. We stand ready to take further action if necessary to support President Trump's efforts to end another war. We call on our allies to join and comply with these sanctions."

The British government imposed sanctions against Rosneft and Lukoil a week earlier. The European Union had already imposed sanctions against state-owned Rosneft, but not Lukoil, largely due to exemptions granted to Hungary and Slovakia, which continue to purchase Russian oil.

Trump, speaking in the Oval Office alongside NATO Secretary General Mark Rutte, confirmed that he had canceled the planned summit with Putin. This is yet another sign of the breakdown in negotiations between Washington and Moscow.

"We canceled the meeting with President Putin," Trump stated. "I didn't feel like it was going to get us where we needed to go, so I canceled it. But we'll have it later."

The Wall Street Journal reported on October 22 that the administration, despite Washington's concerns about a possible escalation of the conflict with the Kremlin, nonetheless lifted restrictions on Ukraine's use of UK-supplied Storm Shadow cruise missiles, effectively allowing them to strike targets deep within Russia.

However, Trump denied this report on social media: "The Wall Street Journal story that the US allegedly allowed Ukraine to use long-range missiles against Russia is FAKE NEWS! The US has nothing to do with these missiles or how Ukraine uses them."

The current sanctions are the most direct attempt yet to cut off Russia's revenue from oil sales abroad. Trump previously imposed a 25% tariff on Indian goods, calling it a response to India's purchase of cheap Russian oil.

"Rosneft remained the most significant Russian company that the US had not yet imposed full sanctions on," said Edward Fishman, a former senior State Department official on sanctions policy.

He said the question remains whether the US will threaten sanctions against foreign traders, banks and refineries that continue to facilitate the sale of Russian oil.

"I expect that, at least in the short term, we will see a reduction in such operations," Fishman wrote. "Whether this translates into long-term strategic pressure on Russia's oil revenues—the foundation of Putin's economy—will depend on the US's willingness to actively and consistently enforce sanctions."

The sanctions announcement was a victory for Ukraine and its European allies, who had been concerned that Trump was heeding Putin's arguments for peace through Ukrainian concessions, such as the handing over of territory and curtailing cooperation with Europe and the United States.

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European Commission President Ursula von der Leyen said she spoke with Bessent shortly before the sanctions were announced.

“This is a clear signal on both sides of the Atlantic: we will continue to put joint pressure on the aggressor,” she assured.

The EU is expected to halt imports of Russian liquefied natural gas, blacklist vessels from Russia's shadow tanker fleet, ban financial transactions with Rosneft and Gazprom Neft, and expand restrictions on a number of Russian banks and companies operating in violation of the sanctions.

In addition, the sanctions are expected to restrict the movement of Russian diplomats within the Schengen visa-free zone.

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