The Trump administration has hit the reset button on its Russia policy, canceling a planned summit with Vladimir Putin and imposing the first major sanctions of the new presidency against Moscow’s top oil companies.
President Trump confirmed the summit was off, stating “It didn’t feel right” and that he saw no path to a successful outcome. This diplomatic chill was quickly followed by an economic one.
The US Treasury blacklisted Rosneft and Lukoil, Russia’s two largest oil producers, in an effort to cut off the “key revenues” funding the war in Ukraine. Treasury Secretary Scott Bessent blamed Putin’s “refusal to end this senseless war.”
This represents a major victory for Ukraine and European allies, who had worried the administration would seek peace at Kyiv’s expense. EU President Ursula von der Leyen praised the move as a “clear signal” of transatlantic unity.
The EU is also moving to tighten its own restrictions, with a 19th package in the works. This new package is expected to ban Russian LNG, blacklist “shadow fleet” tankers, and target banks that help Russia evade sanctions.