President Donald Trump Wednesday announced new sanctions against Russian oil companies as retaliation for President Putin’s refusal to end the war with Ukraine or agree to a ceasefire.
Posted Treasury Secretary Scott Bessent: “Now is the time to stop the killing and for an immediate ceasefire. 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.”
Now is the time to stop the killing and for an immediate ceasefire. 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… https://t.co/tbJTyf8x2V
— Treasury Secretary Scott Bessent (@SecScottBessent) October 22, 2025
Trump has been increasingly frustrated with Russia’s intransigence as he has tried to broker an end to the bloody war. After announcing last week that a meeting with Putin was being planned for Budapest, Hungary, Tuesday Trump said the meeting was off.
A press release from the Treasury Department noted the U.S. was imposing sanctions “as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine. …
“Treasury will continue to use its authority in support of a peace process.”
In the Oval Office, President Trump made further remarks about the sanctions:
.@POTUS: “These are tremendous sanctions. These are very big against their two big oil companies — and we hope that they won’t be on for long. We hope that the war will be settled.” https://t.co/6vbswraYmV pic.twitter.com/FONI7ECFAw
— Rapid Response 47 (@RapidResponse47) October 22, 2025