US Imposes Restrictions on Russian Oil Over Putin’s Unwillingness to End Conflict in Ukraine
Donald Trump has enforced restrictions on the two biggest Russian petroleum firms after concluding that Vladimir Putin had not been truthful and direct in negotiations over Ukraine, America’s Treasury Secretary stated.
These restrictions targeting Rosneft and Lukoil came a day after a planned Trump-Putin summit in the Hungarian capital was shelved, with Washington expressing its disappointment at the absence of advances in peace talks with Russia.
“Given President Putin’s refusal to stop this needless conflict, the Treasury Department is imposing sanctions on the two biggest Russian oil companies that finance Russia’s military operations,” the US treasury secretary, the Secretary, said on Wednesday.
He cautioned that the Treasury Department was ready “to implement additional measures should it be needed” to support Trump’s efforts to end the war.
Speaking to Fox Business before the official announcement, the Treasury Secretary said the action was “one of the largest sanctions that we have done against the Russian Federation”.
Trump had delayed fresh restrictions for months, saying he hoped to persuade Putin to reach a peace agreement despite growing frustration with him. But the president’s patience apparently ran out in the week since he spoke to the Russian leader over the phone the previous week.
EU nations also announced new sanctions on Russia on Wednesday. These involve a ban on importing LNG from the country by 2027, the sanctioning of oil tankers operated by Russia and travel curbs on Russia’s diplomatic personnel.