WASHINGTON — The United States imposed new sanctions on Russia’s top oil companies as Moscow carried out large-scale nuclear drills, escalating tensions amid the ongoing war in Ukraine.
The U.S. Treasury Department said Rosneft and Lukoil, Russia’s two largest oil producers, were targeted to limit Moscow’s ability to fund its military operations.
The move came a day after U.S. President Donald Trump canceled a planned summit with Russian President Vladimir Putin, saying it “didn’t feel right at this time.”
U.S. Treasury Secretary Scott Bessent called for an immediate ceasefire, saying “now is the time to stop the killing.” Oil prices rose more than $2 a barrel following his statement.
Despite the sanctions, Trump said he was not yet ready to provide Ukraine with long-range Tomahawk missiles, which Kyiv has requested. He explained that Ukrainian forces would need at least six months to learn how to operate them.
Ahead of his meeting next week with Chinese President Xi Jinping in South Korea, Trump said he hopes Xi will use his influence on Putin to help end the conflict.
Meanwhile, the Kremlin released footage showing General Valery Gerasimov, Chief of the General Staff, reporting to Putin on the nuclear drills. Russia said it launched missiles from land-based systems, submarines, and aircraft, including intercontinental ballistic missiles capable of reaching the United States.
According to the Russian Defense Ministry, Tu-22M3 strategic bombers also flew over the Baltic Sea, escorted by foreign fighter jets believed to be from NATO countries.
The European Union has approved its 19th package of sanctions against Russia, which includes a ban on Russian liquefied natural gas imports.
The Wall Street Journal reported that the U.S. had lifted certain restrictions on Ukraine’s use of long-range missiles supplied by Western allies, allowing Kyiv to strike deeper inside Russia. Trump later denied the report in a social media post.
In Europe, Sweden announced it had signed a letter of intent to export Gripen fighter jets to Ukraine, part of a broader effort by European governments to strengthen Kyiv’s defenses nearly four years into the war.
As heavy overnight missile attacks continued between Russian and Ukrainian forces, uncertainty grew over U.S.-led diplomatic efforts.
Plans for a Trump-Putin summit in Hungary were recently shelved after Washington said there were “no immediate plans” for a meeting. The Kremlin, however, maintained that preparations were ongoing, with spokesperson Dmitry Peskov noting that “thorough preparation is needed before setting the date.”
Sources told Reuters that Russia reiterated its demand for Ukraine to cede control of the entire Donbas region as part of any peace deal, a condition rejected by Washington, which has called for both sides to halt along the current front lines.
Amid growing economic pressure, EU leaders are set to discuss using frozen Russian assets to fund a $163 billion loan for Ukraine. Moscow has condemned the plan as “theft” and threatened to retaliate.
Edgardo Hernal started college at UP Diliman and received his BA in Economics from San Sebastian College, Manila, and Masters in Information Systems Management from Keller Graduate School of Management of DeVry University in Oak Brook, IL. He has 25 years of copy editing and management experience at Thomson West, a subsidiary of Thomson Reuters.
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