Donald Trump has introduced new sanctions against Russia, as the US government calls for an ‘immediate ceasefire’ in the ongoing conflict in Ukraine.
On Wednesday (October 22), US Treasury Secretary Scott Bessent announced that new sanctions would target two major Russian oil companies, Rosneft and Lukoil. The aim is to curb Russia’s ability to fund the war through its oil sales.
“Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war,” Bessent stated. “We encourage our allies to join us in and adhere to these sanctions.”
This decision to impose sanctions may indicate that Trump is adopting a stronger stance against Vladimir Putin. Experts suggest that Trump is reportedly frustrated with the slow progress in achieving a peace agreement.
However, these new measures are not expected to have a significant impact on Russia’s economy and do not fulfill the calls for the President to impose secondary tariffs on Russia’s trade partners.
The sanctions will freeze any assets that the companies hold in the United States. Bessent also noted that banks or individuals who do business with these firms or their subsidiaries might face penalties.
When asked about the new sanctions, Trump told reporters at the White House: “I just thought it was time.
“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.
“Many Russians were killed last week. Many Ukrainians were killed last week. We think it’s ridiculous.”
The US president continued: “Every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere. They just don’t go anywhere.
“It’s time to make a deal. A lot of people are dying.”
The sanctions come as a planned face-to-face meeting between Trump and Putin has been postponed. The two leaders previously met in August in Alaska, but the talks reached an impasse regarding peace efforts between Russia and Ukraine.
Afterward, Trump and Putin spoke by phone, with Trump describing their conversation as ‘extremely frank and trustful’.
They intended to meet again in Budapest, Hungary, in the coming weeks for direct talks on a potential ceasefire.
However, this meeting is now on hold, as the White House states there are ‘no plans’ for Trump and Putin to meet in the ‘immediate future’.
Plans were abandoned after the Kremlin canceled a scheduled discussion between Russia’s Foreign Minister, Sergei Lavrov, and U.S. Secretary of State Marco Rubio.