Vladimir Putin, President of the Russian Federation (Wikipedia Commons)

By Gary Raynaldo      –   DIPLOMATIC   TIMES

The U.S. on Wednesday slapped sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, in an effort to pressure the Kremlin to end its war in Ukraine. The sanctions came a day after President Trump abruptly canceled a planned summit with Russian President Vladimir Putin in Budapest over frustration in the lack of progress in negotiations.  Putin remained adamant Thursday vowing that he would not succumb to U.S. pressure.  “No self-respecting country and self-respecting people make any decisions under pressure,” the Kremlin leader told reporters. Putin added that the sanctions “damage Russia—U.S. relations.”

US Treasury Secretary Scott Bessent said the sanctions were a result of “Russia’s lack of serious commitment to a peace process to  end the war in Ukraine.” 

“Now is the time to stop the killing and for an immediate ceasefire,” Bessent said in a statement announcing the action. “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.” 

The European Union followed the U.S. move by adopting its 19th set of sanctions against Moscow including a total ban on Russian Liquefied Natural Gas (LNG) imports.  The EU also sanctioned 117 vessels in Russia’s shadow fleet it says are used for sanctions evasion.

European Commission President Ursula von der Leyen, European Commission President Ursula von der Leyen, said in a statement on X: “We’re keeping the pressure high on the aggressor. For the first time we are hitting Russia’s gas sector — the heart of its war economy. We will not relent until the people of Ukraine have a just and lasting peace.”