Trump Tightens Oil Sanctions to Push Putin Toward Talks
Crackdown on Rosneft and Lukoil Signals Tougher Stance on Russia
Key Takeaways:
- The U.S. will enforce new oil sanctions on Russia to pressure President Vladimir Putin into negotiations to end the war in Ukraine, officials said.
- The Treasury Department last week blacklisted Russian oil giants Rosneft and Lukoil in the first major sanctions package since President Donald Trump took office.
- U.S. Ambassador to NATO Matthew Whitaker said the move is intended to push Moscow toward a ceasefire and hinted at further measures to come.
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U.S. President Donald Trump will follow through and enforce harsh new oil sanctions on Russia to pressure Vladimir Putin into negotiations to end the Russia-Ukraine war, the U.S. ambassador to NATO said.
“We have implemented those sanctions. We plan to enforce them,” Matthew Whitaker, the U.S. permanent representative to the North Atlantic Treaty Alliance said in an interview on Bloomberg TV on Oct. 28.
Last week, the Treasury Department blacklisted state-run oil giants Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers — as part of a fresh bid to end the war in Ukraine by depriving Moscow of revenues to fund the war. It was the first major package of financial sanctions on Russia since Trump took office.
“This will maybe be the thing to unlock President Putin coming to the table and ending this war, and at least entering into a ceasefire so we can negotiate a final resolution,” Whitaker said.
RELATED:Gas Prices Could Rise After US, EU Sanction Russian Oil Firms
Crude prices jumped after the sanctions announcement, but market reaction has been muted amid confusion over just how seriously the White House would enforce the new measures on Russia, which has been targeted by heavy sanctions since the early days of the war.
(Bloomberg Television via YouTube)
According to Whitaker, however, this is just the beginning.
“President Trump holds all the cards, this is just one card that he’s playing,” he said. “There are many more.”
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