Reuters. U.S. President Donald Trump on Wednesday (October 22) imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war.
The U.S. Treasury Department said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in Russia's war in Ukraine, which began in February 2022.
The sanctions are a major policy shift for Trump, who had not put sanctions on Russia over the war and instead relied on trade measures. Trump imposed additional 25% tariffs on goods from India in retaliation for it purchasing discounted Russian oil.
The U.S. has not imposed the tariffs on China, another major buyer of Russian oil. A $60 price cap on Russian oil imposed by Western countries after Russia's invasion has shifted Russia's oil customers in recent years from Europe to Asia.
Trump told reporters in the Oval Office on Wednesday he had canceled a planned summit in Hungary with Putin because it didn't feel like it was the right time.
Trump also said he hopes the sanctions on Russian oil companies will not need to be in place for a long time.
