The United States imposed what it called "major" sanctions on Russian oil companies on October 22, saying the action was "a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine."
The measures are designed to increase pressure on Russia's energy sector and "degrade" the Kremlin’s ability to raise revenue for its war machine, the Treasury Department said in a news release outlining the sanctions.
"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 Secretary Scott Bessent said in the news release.
US President Donald Trump said it was a "very big day" with regard to the US actions against Russia.
"These are tremendous sanctions. These are very big -- against their two big oil companies. And we hope they won’t be on for long. We hope that the war will be settled," he told reporters at the White House after welcoming NATO Secretary-General Mark Rutte.
The US sanctions follow a move by the European Union earlier on October 22 to approve new sanctions, including blacklisting oil tankers used by Moscow, travel curbs on Russian diplomats, and a ban on importing liquefied natural gas from Russia by 2027.
The package was presented last month by European Commission President Ursula von der Leyen, who warned that purchasing fossil fuels from Russia was financing the Russian war.
The sanctions announce by the US Treasury Department target Russia’s two largest oil companies, Rosneft and Lukoil, which are being designated for operating or having operated in the energy sector of the Russian economy. In addition, the department is designating a number of Russia-based Rosneft and Lukoil subsidiaries.
Bessent told reporters at the White House that the sanctions would be imposed after Putin had not “come to the table in an honest and forthright manner, as we'd hoped." He later told Fox Business that Trump is "disappointed at where we are in these talks."
SEE ALSO: Trump Says He Put Off Plans To Meet Putin To Avoid 'Wasted Meeting' Though Diplomacy ContinuesTrump had been holding off on new sanctions for months, saying he hoped to persuade Putin to negotiate a settlement to the war in Ukraine. On October 22, he said he went ahead with the sanctions because he "just felt it was time" and said he hoped it would force Putin to be "reasonable."
"We would like to see [the two sides] take the line that has been formed over a very long time and go home," Trump said.
Trump said again that while his calls with Putin have been pleasant, nothing results from them. The latest example is a call last week after which Trump unexpectedly announced he and Putin would hold a summit in Hungary.
But on October 21 Trump said that he didn’t want to risk the possibility of a "wasted meeting" after a senior White House said the meeting would not take place "in the immediate future."
Trump told reporters on October 22 that he canceled the meeting, but added, "We’ll do it in the future."
Trump also told reporters that the United States would not meet Ukraine's request for long-range Tomahawk cruise missiles, a topic discussed last week during Ukrainian President Volodymyr Zelenskyy's visit to the White House.
“The only way a Tomahawk is going to be shot is if we shoot it. And we are not going to do that,” Trump said.