US President Donald Trump has increased pressure on Russia to end the Ukraine war. The United States has imposed sanctions on Rosneft and Lukoil, the country’s top oil companies. These are the first sanctions since Trump returned to the White House.

The move aims to choke off Russia’s main source of income from oil exports. It also signals a shift in Trump’s approach — from urging Kyiv to negotiate to showing anger at Vladimir Putin’s demands.

Treasury Secretary Scott Bessent said, “Now is the time to stop the killing and for an immediate ceasefire.”

He added, “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 further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”

Trump Cancels Meeting with Putin

Trump also announced the cancellation of his summit with Russian President Vladimir Putin. The meeting was planned in Budapest, Hungary.

“We cancelled the meeting with President Putin,” Trump said in the Oval Office during a conversation with NATO Secretary General Mark Rutte. “It didn’t feel right to me. It didn’t feel like we were going to get to the place we had to get, so I cancelled it. But we’ll do it in the future.”

Allies React to Sanctions

The United Kingdom sanctioned Rosneft and Lukoil last week. The European Union has already sanctioned Rosneft but spared Lukoil. Hungary and Slovakia received exemptions because they rely on Russian oil.

These new U.S. sanctions align Washington with European allies and increase economic pressure on Moscow.

Trump Denies Report on Ukraine Missiles

The sanctions came days after The Wall Street Journal claimed that the U.S. lifted restrictions on Ukraine’s use of British-made Storm Shadow missiles. The report said Ukraine could use them to strike deep inside Russia.

Trump denied the report on social media. “The Wall Street Journal story on the U.S.A.’s approval of Ukraine being allowed to use long-range missiles deep into Russia is FAKE NEWS!” he posted. “The U.S. has nothing to do with those missiles, wherever they may come from, or what Ukraine does with them.”

A Major Economic Blow to Moscow

Experts said the sanctions mark Washington’s most direct attempt to block Russia’s oil profits. Earlier, Trump had imposed a 25% tariff on Indian goods in response to India buying cheap Russian oil.

Edward Fishman, a former U.S. State Department sanctions official, said, “Rosneft was the most important Russian firm not yet under full US sanctions.”

He warned that the next question is whether the U.S. will target foreign traders, banks, or refineries still involved with Russian oil. “I expect, at the very least, some pullback from dealings with Russian oil in the short term,” he wrote. “Whether this marks a long-term, strategic squeeze on Russia’s oil revenues – the lifeblood of Putin’s economy – will depend on the US commitment to active, ongoing enforcement.”

Ukraine and EU Welcome the Move

Ukraine and its allies praised the new sanctions. European Commission President Ursula von der Leyen said she spoke with Bessent before the announcement.

“With the imminent adoption of the EU’s 19th [sanctions] package, this is a clear signal from both sides of the Atlantic that we will keep up collective pressure on the aggressor,” she said.