The United States has imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, accusing Moscow of showing no genuine commitment to ending the war in Ukraine even as Russia held large-scale nuclear drills showcasing its strategic arsenal.
The US Treasury Department announced the measures on Wednesday, saying they are intended to undermine Moscow’s ability to finance its military operations. Treasury Secretary Scott Bessent called the move “a necessary step to stop the killing and push for an immediate ceasefire.”
Oil prices climbed more than $2 a barrel following Bessent’s statement, reflecting market fears that energy supplies could tighten further.
The decision represents a sharp shift in the White House’s approach. Just last week, President Donald Trump had signaled reluctance to impose new penalties on Russia, saying he hoped President Vladimir Putin would agree to peace talks.
But on Tuesday, Trump abruptly canceled a planned summit with Putin, explaining to reporters that “it didn’t feel right to me.” The breakdown of those plans came after the two sides’ top diplomats spoke by phone, failing to resolve key disagreements.
“Now is the time to stop the killing and for an immediate ceasefire,” Bessent emphasized as he unveiled the sanctions.
Trump said he still opposes supplying long-range Tomahawk missiles to Ukraine, noting the Ukrainian military would need at least six months of training to use them. Speaking alongside NATO Secretary General Mark Rutte, Trump added that China should use its influence with Moscow to help bring an end to the conflict.
“I’d like to see President Xi help President Putin end this war,” Trump said, ahead of his scheduled meeting with Xi Jinping next week in South Korea.
Meanwhile, the Kremlin released video footage showing General Valery Gerasimov, Chief of the General Staff, briefing Putin on Russia’s nuclear training exercise. The video included launches from ground platforms, submarines, and long-range aircraft, with missiles capable of reaching the United States.
The Russian Defence Ministry said Tu-22M3 bombers took part in the drills over the Baltic Sea, escorted intermittently by foreign likely NATO fighter jets.
At critical points in the Ukraine conflict, Putin has repeatedly reminded Western nations of Russia’s nuclear capability, framing it as a deterrent to NATO involvement. NATO itself is currently conducting its own nuclear deterrence exercises across Europe.
In Europe, EU member states approved a 19th round of sanctions against Moscow, including a ban on Russian liquefied natural gas (LNG) imports, according to a statement from Denmark’s rotating EU presidency.
The Wall Street Journal reported that Washington had eased restrictions on Ukraine’s use of certain long-range Western-supplied missiles, potentially allowing strikes deeper inside Russia a claim Trump publicly denied on social media.
As the diplomatic situation deteriorated, both Russian and Ukrainian forces launched overnight missile barrages, casting doubt on any immediate progress toward peace.
Just days ago, Trump and Putin had agreed in principle to meet in Hungary, raising hopes of renewed diplomacy. However, following tense discussions between their foreign ministers, the White House announced there were no plans for an immediate meeting.
“I didn’t want to have a wasted meeting,” Trump told reporters. The Kremlin responded that Putin also wished to avoid an “unproductive encounter.”
US Secretary of State Marco Rubio, departing for the Middle East, told reporters that Washington still hoped for talks with Moscow, while Kremlin spokesperson Dmitry Peskov said summit preparations were continuing but that “thorough preparation takes time.”
Sources said Russia reiterated its longstanding conditions for a peace deal, demanding Ukraine cede full control of the Donbas region effectively rejecting Trump’s proposal that both sides freeze along current front lines.
Russian Deputy Foreign Minister Sergei Ryabkov declined to confirm the report but did not deny that discussions had taken place.
Now nine months into his second presidential term, Trump has publicly pressed for an end to what he calls “Europe’s deadliest conflict since World War II.” He has alternated between criticizing Ukrainian President Volodymyr Zelensky and expressing frustration with Putin’s refusal to compromise.
European defense stocks rose following news of the delayed Trump-Putin summit, as most EU nations strong backers of Ukraine pledged to boost military spending to support Kyiv’s defense against Russia.
Erizia Rubyjeana
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