Trump Imposes Sanctions on Russian Oil Giants Amid Cancelled Putin Summit

US President Donald Trump has imposed sanctions on Russia's top oil firms, Rosneft and Lukoil, in a bid to pressure President Vladimir Putin into a ceasefire in Ukraine. The sanctions were announced after the cancellation of a highly anticipated summit between Trump and Putin. The European Union has also approved a 19th round of sanctions targeting Russian gas exports. The sanctions were imposed on October 23, 2025, following a series of escalating tensions between Russia and Ukraine. The US move aims to restrict the financial transactions of Rosneft and Lukoil, two of Russia's largest oil companies, in an effort to curb Moscow's support for separatist groups in eastern Ukraine. The sanctions also target several high-ranking Russian officials, including key figures in the country's energy sector. President Volodymyr Zelenskyy of Ukraine welcomed the US sanctions, stating that they demonstrate a strong commitment to supporting Ukraine's sovereignty and territorial integrity. In contrast, Russia has described the sanctions as "counterproductive" and vowed to take retaliatory measures. The sanctions come as part of a broader effort to address the ongoing conflict in Ukraine, which has claimed thousands of lives and displaced millions of people. The conflict began in 2014, when Russia annexed Crimea from Ukraine, and has since escalated into a full-blown war in eastern Ukraine. The implications of the sanctions are far-reaching, with potential consequences for the global energy market and the broader economy. As the world's largest oil producers, Rosneft and Lukoil play a critical role in meeting global energy demands. The sanctions could lead to a spike in oil prices, which could have a ripple effect on the global economy. The situation remains fluid, with both sides engaged in a high-stakes game of diplomatic maneuvering. The US has called on Russia to de-escalate the conflict and respect Ukraine's sovereignty, while Russia has vowed to continue supporting separatist groups in eastern Ukraine. As the situation continues to unfold, one thing is clear: the stakes are high, and the consequences of failure are dire.