The United States hit Russia’s major oil companies with sanctions on Wednesday and accused the Russians of a lack of commitment toward ending the war in Ukraine, as Moscow conducted a major training exercise involving nuclear arms.
The new sanctions were unveiled one day after plans for a summit between U.S. President Donald Trump and Russian President Vladimir Putin fell apart. Trump told reporters he cancelled the meeting because “it didn’t feel right to me.”
The U.S. Treasury Department said Russia’s two largest oil companies, Rosneft and Lukoil, were targeted in a bid to damage Moscow’s ability to fund its war machine.
The move marked a sharp turnaround for the White House, which has veered between pressuring Moscow and taking a more conciliatory approach aimed at securing peace in Ukraine. Only last week Trump appeared ready to hold off on new actions targeting Moscow.
“Now is the time to stop the killing and for an immediate ceasefire,” U.S. Treasury Secretary Scott Bessent said. Oil prices extended gains after Bessent’s comments, rising by more than $2 a barrel.
For months, Trump has resisted pressure from U.S. lawmakers to impose energy sanctions, hoping that Putin would agree to end the fighting. But with no end in sight, he said he felt it was time.
Trump said he was still not ready to provide Ukraine with long-range Tomahawk missiles, which Kyiv has requested. Talking to reporters as he met NATO Secretary General Mark Rutte, Trump said it would take the Ukrainians at least six months to learn how to use them.
Ahead of a meeting next week with Chinese President Xi Jinping in South Korea, Trump said he would like to see Xi use his influence on Putin to halt the fighting. Xi and Putin have formed a strategic alliance between their countries.
In a fresh show of force, the Kremlin released video showing General Valery Gerasimov, head of the General Staff, reporting to Putin on the drills. Russia said it fired missiles from ground launchers, submarines and aircraft, including intercontinental ballistic weapons capable of striking the United States.
Russia’s Defence Ministry said its long-range Tu-22M3 strategic bombers flew over the Baltic Sea, escorted at various points by fighter jets from foreign – presumably NATO – states.
At key moments in the war in Ukraine, Putin has issued reminders of Russia’s nuclear might as a warning to Kyiv and its Western allies. NATO has also been conducting nuclear deterrence exercises this month.
EU countries also approved a 19th package of sanctions against Russia for its war against Ukraine, which includes a ban on Russian liquefied natural gas imports, the Danish rotating presidency of the EU said on Wednesday.
The Wall Street Journal said the United States lifted a restriction on Ukraine’s use of some long-range missiles provided by Western allies, which would allow Ukraine to increase attacks on targets inside Russia. In a social media post, Trump denied the report.
On Wednesday, Sweden said it had signed a letter of intent to export Gripen fighter jets to Ukraine, as European governments act to boost Kyiv’s defences in a war that has ground on for three years and eight months since Russia’s full-scale invasion, and shows no sign of ending soon.
Ukrainian pilots have been in Sweden to test the Gripen, a rugged and relatively low-cost option compared to aircraft such as the U.S. F-35.
Kyiv aimed to receive and start using Gripens next year and expected to acquire at least 100, President Volodymyr Zelenskiy said during a visit to Swedish defence manufacturer Saab (SAABb.ST)
