Washington, 23 October (H.S.): On Wednesday, the United States imposed significant sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in a strategic move to compel Moscow to agree to an immediate ceasefire in the ongoing war in Ukraine .

The action came a day after a highly anticipated summit between President Donald Trump and Russian President Vladimir Putin, planned to be held in Budapest, was abruptly cancelled.

The sanctions, announced by the U.S. Treasury Department, target the financial lifelines of the Kremlin’s military efforts. U.S. Treasury Secretary Scott Bessent stated that the measures were a direct response to President Putin’s refusal to end this senseless war and are intended to degrade the Kremlin’s ability to fund its war machine.

This marks the first time the Trump administration has sanctioned Russia over the Ukraine conflict during his second term in office.

President Trump’s decision reflects growing frustration within Washington over the stalled peace negotiations. The planned summit was shelved after President Trump expressed that he did not want to have a wasted meeting, citing a lack of honest and forthright engagement from Putin during recent discussions.

A prior meeting between the two leaders in Alaska in August had also failed to produce a breakthrough. The final decision to cancel the summit and impose sanctions was reportedly made after a phone call between U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov yielded no progress toward a resolution.

In a coordinated effort, the European Union also announced its 19th package of sanctions against Russia on the same day.

The EU’s measures include accelerating a ban on Russian liquefied natural gas (LNG) imports to 2027, blacklisting over 100 tankers from Russia’s shadow fleet used to evade oil export restrictions, and imposing new travel limitations on Russian diplomats.

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Hindusthan Samachar / Jun Sarkar