Trump Hits Russian Oil Companies With Long-Threatened Sanctions: ‘It’s About Time’
President Donald Trump said Wednesday that he “felt it was time” to hit Russia with tougher sanctions, a major escalation amid his latest attempt to pressure Vladimir Putin to end his war against Ukraine.
“Today is a very important day in terms of what we’re doing. They are tremendous sanctions. They are very big,” Trump said while meeting with NATO Secretary General Mark Rutte in the Oval Office. “They are against their two big oil companies and we hope they don’t last long. We hope the war is resolved.”
“I just felt like it was time. We’ve waited a long time,” Trump said when asked why he was taking action now after months of threats and delays.
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 said the new economic sanctions will target Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company and Lukoil OAO, as well as their subsidiaries.
Rosneft and Lukoil are estimated to account for almost half of all Russian oil production.
In this May 17, 2011 file photo, the Kremlin is reflected in the polished company plaque of state-controlled Russian oil giant Rosneft at the entrance to its headquarters in Moscow.
Dmitry Kostyukov/AFP via Getty Images, FILE
“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take additional action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in adhering to these sanctions.”
Bessent hinted on Wednesday that action was imminent, telling reporters there would be a “substantial uptick” in sanctions against Russia.
Treasury Secretary Scott Bessent speaks to reporters outside the West Wing of the White House in Washington, Oct. 22, 2025.
Kevin Lamarque/Reuters
The sanctions come after Trump changed course and said he canceled a second summit with Russia’s president that was expected to take place in Hungary in the coming weeks. The Kremlin said there was never a date set for a summit.
Trump said Wednesday that he canceled the meeting because “it didn’t seem right to me.”
“It didn’t look like we were going to get to the place we needed to get to,” Trump said, although he added that they would do so at some point “in the future” and maintained that he still believed Putin wanted peace.
NATO’s Rutte, sitting next to Trump, said the sanctions increase pressure on Putin to come to the table and negotiate.
“It’s about changing the calculus, making sure that Putin understands that the president’s vision this weekend of having a ceasefire – stop where they are, as you literally said – has to be the first step now, and for him to actually accept that vision and come to the table and then you have to press. And this is exactly what they did today,” Rutte said.
Wednesday’s announcement means Russia’s four largest oil companies have now been hit by US sanctions.
In January, the Biden administration imposed sanctions on Russian oil companies Gazprom Neft and Surgutneftegas, but delayed imposing sanctions on Rosneft and Lukoil over fears they could drive up global energy prices.
According to experts, Rosneft and Lukoil, the companies attacked on Wednesday, are two of the largest energy companies in the world and together export 3.1 million barrels of oil per day. Rosneft alone is responsible for 6% of global oil production and almost half of all Russian production.
Several Russia-based subsidiaries, majority owned by Rosneft and Lukoil, have also been sanctioned under the measure.
The sanctions announced Wednesday mark the first against Russia since President Trump took office in January.
