Ukraine War Funding: US Blacklists Rosneft and Lukoil

In its most direct effort to stop the funding of Russia’s war in Ukraine, the Trump administration has blacklisted the nation’s two largest oil companies, Rosneft and Lukoil.
These sanctions, the first under the new administration, are designed to cut off the “key revenues from oil sales that finance the Russian war machine,” according to the Treasury Department.
Treasury Secretary Scott Bessent announced the move, blaming “President Putin’s refusal to end this senseless war.” He added, “Now is the time to stop the killing and for an immediate ceasefire.”
The sanctions were announced a day after President Trump confirmed he had canceled a planned summit with Putin, signaling a breakdown in diplomacy. The moves represent a significant shift toward a more confrontational policy with Moscow.
A former sanctions official noted that the key test will be whether the US commits to “active, ongoing enforcement” against the foreign banks and traders that continue to facilitate the sale of Russian oil, the “lifeblood” of Putin’s economy.