The United States has announced new sanctions against Russia’s two largest oil companies – Rosneft and Lukoil – in an effort to pressure Moscow to negotiate a peace deal in Ukraine. US Treasury Secretary Scott Bessent said the new sanctions were needed due to Russian President Vladimir Putin’s refusal to end the war. He alleged these oil companies fund the Kremlin’s “war machine”. He said in a statement, now is the time to stop the killing and for an immediate ceasefire.

 

 

Speaking alongside NATO Secretary-General Mark Rutte, US President Donald Trump said that every time he speaks to Russian President Vladimir Putin, he has good conversations and then they don’t go anywhere. The sanctions announcement came one day after Trump said a meeting planned with the Russian President in Budapest would be shelved indefinitely. He criticised Mr Putin for not being serious about making peace and said he hoped that the sanctions would help force a breakthrough. Earlier this year, the UK and US also sanctioned major Russian energy companies Gazprom Neft and Surgutneftegas.