The Treasury Department announced new sanctions targeting Russia’s oil sector Wednesday, the day after President Donald Trump confirmed that a planned meeting with Russian President Vladimir Putin to discuss Russia's war with Ukraine was off.

These are very big," Trump said as he met with NATO Secretary-General Mark Rutte in the Oval Office. "They're against their two big oil companies, and we hope that they won't be on for long. We hope that the war will be settled.

The U.S. sanctioned Rosneft and Lukoil to choke off Russian war funding, urging Moscow to accept a ceasefire or face deeper economic isolation.

U.S. Treasury Secretary Scott Bessent announced new sanctions Wednesday against Russia’s two biggest oil companies and blasted Moscow’s refusal to end its “senseless war.” The sanctions against Rosneft and Lukoil,

The Trump Administration has imposed additional sanctions on Russia that target the country's two largest oil companies, aiming to force an immediate ceasefire

The US will announce a “substantial” new round of sanctions against Russia, Treasury Secretary Scott Bessent said, signaling President Donald Trump is preparing to ratchet up pressure on Moscow a day after backing off plans for a meeting with President Vladimir Putin in the near future.

The Trump administration slapped additional sanctions on Russia's two largest oil companies. The Treasury Department said it was doing so because of "Russia's lack of serious commitment" to ending the war in Ukraine.

U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war.