Trump Enforces New Sanctions on Russian Oil Giants—Immediate Impact

UPDATE: In a dramatic escalation, President Donald Trump announced new sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil, amidst ongoing tensions over the war in Ukraine. This urgent move, revealed on October 22, 2025, aims to pressure Vladimir Putin to end hostilities, with Trump declaring, “It was time.”

During a meeting in the Oval Office with NATO Secretary-General Mark Rutte, Trump stated, “Today is a very big day in terms of what we’re doing. These are tremendous sanctions.” The sanctions target both companies and their subsidiaries, marking a significant step in U.S. efforts to curb funding for the Kremlin’s military operations.

Treasury Secretary Scott Bessent emphasized the urgency of the situation, noting, “Now is the time to stop the killing and for an immediate ceasefire.” He highlighted that the sanctions are a response to Putin’s refusal to cease aggression, with the potential for further actions if necessary.

Earlier today, Bessent hinted at an impending increase in sanctions, confirming the cancellation of a planned summit with Putin in Hungary. “It didn’t feel like we were going to get to the place we have to get,” Trump said, maintaining hope for future negotiations.

Rutte echoed this sentiment, stating that the sanctions are designed to “change the calculus” for Putin, urging him to come to the negotiating table. “This has to be step one now,” Rutte asserted, stressing the need for immediate action.

This development is crucial as it not only targets key players in Russia’s economy but also reflects a growing international resolve to address the ongoing conflict. The situation remains fluid, and observers will be watching closely for any reaction from Russia and the global community.

As tensions escalate, the world is left to ponder the implications of these sanctions on the geopolitical landscape. The stakes are high, and the urgency for peace in Ukraine has never been more pressing.

Stay tuned for more updates as this story develops.