'They can ruin Russia as a petro-state'

How US sanctions plan could work

- Jonathan Yerushalmy Jennifer Rankin Brussels

Why has the US announced sanctions now?

On the campaign trail in 2024, Donald Trump said he would end the Ukraine war "in 24 hours" if elected.

But since returning to the White House, he has found the task more difficult than he envisioned. His commitment to the war has flip-flopped since then.

This week, Trump abruptly pulled out of a planned second summit with Vladimir Putin, amid reports his administration was frustrated by preconditions set for the meeting by the Russian side. By Wednesday, his impatience was evident, as he told reporters: "Every time I speak with Vladimir I have good conversations, and then they don't go anywhere."

Trump has been resisting pressure from allies in Congress to impose further sanctions, but Russia's intransigence appears to have changed his calculations.

Will it work?

Taxes from the energy industry account for around a quarter of Russia's budget, and additional sanctions will help to further constrict Rosneft and Lukoil's ability to do business, placing further pressure on Putin.