The BRICS TimesThis action marks the first time in his second term that President Trump has imposed Ukraine-related sanctions on Russia
The United States sanctioned Russian oil firms on Wednesday (local time). This was a direct result of Russia’s “lack of serious commitment to a peace process to end the war in Ukraine.”
US President Donald Trump announced the sanctions. His frustration is growing over Russia not stopping the war. Ending the Ukraine conflict remains a key focus for the Trump administration. Trump posted on Truth Social on Wednesday. He shared a US Treasury Department statement there. The statement’s title was: ‘Treasury sanctions major Russian oil companies, calls on Moscow to immediately agree to ceasefire’.
This is the first time President Trump has imposed sanctions on Russia over the Ukraine war during his current term. Earlier on Wednesday, a 19th sanctions package against Moscow was approved. This move aims to press Russia to end the war. The conflict is nearing its fourth year. Reuters reported these sanctions included banning Russian natural gas imports.
The new US sanctions target two of Russia’s largest oil companies. They are Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil). Treasury Secretary Scott Bessent issued a statement. He said, “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.”
Trump’s Repeated Claims on India’s Russian Oil Purchase
The United States sanctions were announced amidst Trump’s recurring claims. He states Prime Minister Narendra Modi assured him India would “not buy much oil” from Russia.
Trump spoke during Diwali celebrations at the White House on Tuesday. He claimed a recent call with Modi. He said the Indian leader confirmed India will stop buying Russian oil. “I spoke to Prime Minister Modi…and we just have a very good relationship, and he’s not gonna buy much oil from Russia. He wants to see that war end as much as I do,” Trump stated.
He further added, “He wants to see the war end with Russia-Ukraine and, as you know, they’re not going to be buying too much oil. So they’ve cut it way back and they’re continuing to cut it way back.”
Indian officials did not immediately comment on Trump’s latest remarks. However, last week, MEA spokesperson Randhir Jaiswal addressed a similar Trump claim. He had said he was “not aware” of any such conversation between the two leaders.
Trump had previously responded to this denial. He said, “But if they want to say that, then they’ll just continue to pay massive tariffs, and they don’t want to do that,” according to Reuters. India currently faces 50 per cent US tariffs. Half of this was imposed as a penalty for its Russian oil purchases.
Which Russian Oil Companies Will Be Affected?
Roseneft and Lukoil are Russia’s two largest oil companies. Both are now facing sanctions from the US and the United Kingdom. The UK also sanctioned both firms last week. The US Treasury Department provided details. “Rosneft is a vertically integrated energy company specializing in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. Lukoil engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally.”
Akshay Didwaniya
Pratik Agrawal
Mayur Mohta