Trump imposes New Sanctions on russia After Aborted Putin Meeting, escalating Economic pressure
The United States is intensifying economic pressure on Russia following the cancellation of planned talks between President Donald Trump and Vladimir Putin, with new sanctions targeting key energy companies. The move comes as diplomatic efforts to resolve the conflict in Ukraine stall and frustration mounts over Russia’s perceived lack of commitment to a peaceful resolution.
Sanctions Declaration
President Trump, in a strategy session, stated he “felt it was time to impose sanctions on Russia.” On Wednesday,the U.S. Treasury Department, led by Scott Bessent, announced sanctions against Russian oil giants Rosneft and Lukoil, citing Russia’s lack of “serious willingness to engage in a peace process to end the war in Ukraine.”
“In the face of President Putin’s refusal to stop this senseless war,the Treasury department is imposing sanctions on the two largest oil companies that fund the Kremlin’s war machine,” Bessent explained in a released statement,adding the department is “prepared to go further if necessary” and urging U.S. allies to join the sanctions effort.
The sanctions stem from a determination that Putin has not been “forthright” or “honest” during negotiations, according to the Treasury Secretary, who also expressed disappointment with the current state of peace talks regarding the war in Ukraine. This announcement came shortly after Trump suspended the planned meeting with Putin in Hungary.
Aborted Diplomatic Efforts
“It just didn’t seem appropriate to have a meeting with Vladimir Putin, so I canceled it,” Trump told reporters, justifying the suspension of the scheduled discussion. The President added he “felt it was time to impose massive sanctions on Russia,” while expressing hope thay would not remain in place “for too long.”
Trump further elaborated that past conversations with Putin, while initially positive, have ultimately yielded no tangible results. “Every time I speak with Vladimir, we have good conversations, but then they go nowhere,” he stated during a meeting with NATO Secretary General Mark Rutte in the Oval Office.
Despite the stalled direct talks,Trump remains optimistic about a potential resolution,suggesting the involvement of Chinese President Xi Jinping. “I think he can have a great influence on Putin,” Trump said, noting a discussion on russia and Ukraine is planned during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
Global oil prices reacted immediately to the news, with benchmark WTI and Brent crude gaining approximately 1.50% by 10:30 PM French time. Trump and putin had previously agreed to a meeting in Budapest, but the U.S. President asserted he would not engage in discussions that were “for nothing” or a “waste of time,” signaling a breakdown in preconditions for a productive dialogue.
European Pressure and Energy Independence
moscow acknowledged the preparations for the meeting were “ongoing,” but admitted to a “difficult process.” The sanctions announcement is expected to be welcomed by European nations, who have recently voiced concerns about a potential weakening of Washington’s commitment to pressuring Russia.
European Union member states reached a consensus on Wednesday to implement a 19th package of sanctions against Moscow, with a key component being a potential ban on russian natural gas imports by the end of 2027. The measure is slated for adoption on Thursday, ahead of a summit with Ukrainian President Volodymyr Zelensky.
The proposed ban, initially put forward by the European Commission in the spring, gained broad support at a European Energy Council meeting in luxembourg. While Slovakia and Hungary, heavily reliant on Russian hydrocarbons, initially opposed the ban, they were ultimately outvoted.
Trump has consistently called for European nations to end their reliance on Russian fossil fuels, criticizing the practice as counterproductive and self-defeating. “Europe needs to step up. They can’t continue to do what they’re doing. They’re buying oil and gas from Russia while they’re in conflict with that country. It’s embarrassing for them,” Trump stated in September.
The situation underscores the complex geopolitical dynamics at play, as the U.S. and Europe seek to balance diplomatic efforts with sustained economic pressure on Russia to de-escalate the conflict in Ukraine.
