Trump Imposes Major Sanctions on Russia's Largest Oil Companies After Failed Ukraine Peace Talks

Oct 23, 2025 10:15 am CST

President Donald Trump has sanctioned Russia's two largest oil companies, Rosneft and Lukoil, after concluding that Vladimir Putin was not negotiating in good faith regarding Ukraine. The sanctions follow a canceled Trump-Putin summit in Budapest and represent one of the largest sanction packages against Russia. The European Union has also announced new measures against Russia, including a future ban on liquefied natural gas imports.