President Donald Trump on Wednesday said he "felt it was time" to hit Russia with tougher sanctions, a major escalation amid his latest push to pressure Vladimir Putin into ending his war on Ukraine."Today is a very big day in terms of what we're doing.These are tremendous sanctions.
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.""I just felt it was time.We've waited a long time," Trump said when asked why he was taking action now after months of threats and delays.President Donald Trump speaks during a meeting with NATO Secretary General Mark Rutte in the Oval Office of the White House in Washington, October 22, 2025.Jim Watson/AFP via Getty ImagesThe Treasury Department said the new economic penalties will target Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company and Lukoil OAO, as well as their subsidiaries.Rosneft and Lukoil are estimated to account for nearly half of all Russian oil production.In this May 17, 2011, file photo, the Kremlin is reflected in the polished company plate of the state-controlled Russian oil giant Rosneft at the entrance of the headquarters in Moscow.Dmitry Kostyukov/AFP via Getty Images, FILE“Now is the time to stop the killing and for an immediate ceasefire,"Treasury Secretary Scott Bessent said in a statement.
"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."Bessent earlier Wednesday hinted the action was imminent, telling reporters there would be a "substantial pickup" in sanctions against Russia.Treasury Secretary Scott Be...