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US Imposes Sweeping Sanctions on Russia’s Rosneft and Lukoil, Cancels Trump-Putin Summit
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![Photo of Roman Kohanets]( "Photo of Roman Kohanets")
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The US Department of the Treasury announced on October 22 that it has imposed sweeping sanctions on Russia’s two largest oil companies, Rosneft Oil Company and Lukoil OAO, citing Moscow’s “lack of serious commitment to a peace process” in Ukraine.
The sanctions block all property and interests in property of the companies and their Russia-based subsidiaries, and prohibit transactions by US persons with blocked entities. Treasury Secretary Scott Bessent stated: “Now is the time to stop the killing and for an immediate cease-fire.”
According to the Treasury statement, all property and interests in property of Rosneft and Lukoil under US jurisdiction are frozen, and US individuals and companies are prohibited from conducting transactions with them or their subsidiaries. The action extends to any entity in which the sanctioned firms hold a 50 percent or greater ownership stake.
The move is intended to limit revenue from energy exports that fund Russia’s military efforts in Ukraine, thereby pressuring Russia to engage meaningfully in diplomacy in the war in Ukraine.
Russian Foreign Minister Sergei Lavrov reiterated Moscow’s long-standing position on the Ukraine war, saying Russia’s demands remain unchanged compared to those articulated at the Alaska summit earlier this year.
In parallel, a planned summit between US President Donald Trump and Putin has been postponed. Trump said there are “no plans” for him and Putin to meet in the “immediate future,” adding, “I canceled my meeting with Putin. It did not feel right. We will do it in the future.”
Taken together, the sanctions and stalled diplomacy signal an intensification of the US strategy: combine financial pressure on Russia’s energy sector with high-level diplomatic engagement—but only if Russia demonstrates genuine readiness for peace.
Earlier, it was reported that European leaders and Ukrainian President Volodymyr Zelenskyy endorsed using the current front line as the starting point for peace talks with Russia.
