1:56President Donald Trump converses during a gathering with NATO Secretary General Mark Rutte inside the Oval Office at the White House in Washington, October 22, 2025.Jim Watson/AFP via Getty Images
President Donald Trump stated on Wednesday that he "felt the moment was right" to impose more stringent penalties on Russia, a significant increase amidst his renewed effort to compel Vladimir Putin to cease hostilities in Ukraine.
"Today represents a notable development concerning our actions. These are considerable sanctions. They are quite impactful," Trump mentioned as he convened with NATO Secretary-General Mark Rutte within the Oval Office. "They are aimed at their two primary petroleum enterprises, and we express hope that their duration will be limited. Our aspiration is for the conflict to reach a resolution."
"I simply felt it was appropriate now. The wait has been extensive," Trump remarked when queried about the timing of his actions following previous warnings and postponements.
President Donald Trump speaks during a meeting with NATO Secretary General Mark Rutte in the Oval Office of the White House in Washington, October 22, 2025.Jim Watson/AFP via Getty Images
The Treasury Department communicated that the fresh fiscal restrictions will target Russia’s leading petroleum conglomerates, Open Joint Stock Company Rosneft Oil Company and Lukoil OAO, along with their associated entities.
Rosneft and Lukoil are thought to contribute nearly 50% of Russia’s total crude oil yield.
In this May 17, 2011, archived photograph, the Kremlin is mirrored in the polished business plaque of the state-operated Russian petroleum giant Rosneft at the entrance of the headquarters in Moscow.Dmitry Kostyukov/AFP via Getty Images, FILE
“The moment has arrived to halt the bloodshed and establish an immediate truce,” declared Treasury Secretary Scott Bessent in a released statement. “Given President Putin’s unwillingness to conclude this pointless battle, the Treasury is placing sanctions on Russia’s top two petroleum businesses that finance the Kremlin’s military operations. The Treasury stands ready to initiate further action if required to bolster President Trump’s endeavor to end another armed conflict. We call upon our global partners to align with us in these measures and adhere to these sanctions.”
Bessent had earlier suggested the impending actions on Wednesday, notifying reporters of an upcoming “noticeable increase” in sanctions directed at Russia.
Treasury Secretary Scott Bessent speaks with reporters outside the West Wing of the White House in Washington, October 22, 2025.Kevin Lamarque/Reuters
These sanctions arise after Trump adjusted his stance and announced the cancellation of a second assembly with the Russian president, which was anticipated to be held in Hungary in the approaching weeks. The Kremlin affirmed that a specific date for such a summit was never formally scheduled.
Trump clarified on Wednesday that he called off the prospective meeting because “it didn’t resonate well with me.”
“It didn’t give the impression that we would arrive at our intended goal,” Trump explained, whilst also stating that they would organize it “at some point in the future,” and asserted his continued conviction that Putin desired tranquility.
NATO's Rutte, present beside Trump, commented that the sanctions intensify the pressure on Putin to engage in dialogue and negotiate.
“Everything hinges on revising the equation, ensuring that Putin comprehends that the President’s vision from the weekend regarding an armistice – stopping at their present positions, as you explicitly stated – must now represent the initial step. He should sincerely embrace this viewpoint, approach the discussion table, and then you should apply pressure. This is precisely the action you undertook today,” Rutte concluded.
Wednesday’s declaration implies that all of Russia’s four major petroleum corporations are currently under U.S. sanctions.
Previously, in January, the Biden government placed sanctions on Russian oil firms Gazprom Neft and Surgutneftegas — but held back on enforcing penalties on Rosneft and Lukoil stemming from anxieties that it could escalate worldwide energy costs.
As per analysts, Rosneft and Lukoil, the businesses impacted on Wednesday, are considered some of the world’s largest energy suppliers, collectively exporting around 3.1 million barrels of crude each day. Rosneft alone is accountable for 6% of worldwide production and almost 50% of all Russian petroleum manufacturing.
Several Russian-based branches primarily held by Rosneft and Lukoil have also been sanctioned as part of these measures.
The penalties revealed on Wednesday represent the inaugural actions against Russia since President Trump began his term in January.
Sourse: abcnews.go.com
