US sanctions Russian oil firms as Moscow holds nuclear drills

The United States hit Russia’s major oil companies with sanctions on Wednesday and accused the Russians of a lack of commitment toward ending the war in Ukraine, as Moscow conducted a major training exercise involving nuclear arms.

- 

The new sanctions were unveiled one day after plans for a summit between US President Donald J. Trump and Russian President Vladimir Putin fell apart. Mr. Trump told reporters he cancelled the meeting because “jt didn’t feel right to me.”

The US Treasury Department said Russia’s two largest oil companies, Rosneft and Lukoil, were targeted in a bid to damage Moscow’s ability to fund its war machine.

The move marked a sharp turnaround for the White House, which has veered between pressuring Moscow and taking a more conciliatory approach aimed at securing peace in Ukraine. Only last week Mr. Trump appeared ready to hold off on new actions targeting Moscow.

“Now is the time to stop the killingand foran immediate ceasefire,” US Treasury Secretary Scott Bessent said. Oil prices extended gains after Mr. Bessent’s comments, rising by more than $2 a barrel.

For months, Mr. Trump has resisted pressure from US lawmakers to impose energy sanctions, hoping that Mr. Putin would agree toend the fighting. But with no end in sight, he said he felt it was time.

Mr. Trump said he was still not ready to provide Ukraine with long-range Tomahawk missiles, which Kyiv has requested. Talking to reporters as he met North Atlantic Treaty Organization (NATO) Secretary General Mark Rutte, Mr. Trump said it would take the Ukrainians at least six months to learn how to use them.

Ahead of a meeting next week with Chinese President Xi Jinping in South Korea, Mr. Trump said he would like to see Mr. Xi use his influence on Mr. Putin to halt the fighting. Mr. Xi and Mr. Putin have formed a strategic alliance between their countries.