US Sanctions Russian Oil Companies When Moscow Holds Nuclear Weapons Exercises

JAKARTA - The United States has imposed sanctions on major Russian oil companies while accusing Russia of being less committed to ending the war in Ukraine, amid massive military exercises involving nuclear weapons in Moscow.

The new sanctions were announced a day after the planned summit between US President Donald Trump and Russian President Vladimir Putin failed. Trump told reporters he canceled the meeting by saying "I don't think it's right for me."

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

The move marks a sharp change of course for the White House, which has shifted between pressuring Moscow and taking a softer approach aimed at securing peace in Ukraine. Just last week Trump appeared ready to delay new action targeting Moscow.

"Now is the time to stop killings and for an immediate ceasefire," US Treasury Secretary Scott Bessent told Reuters on Thursday, October 23.

Oil prices continued to rise after Bessent's comments, up more than $2 per barrel.

For months, Trump has resisted pressure from US lawmakers to impose energy sanctions, hoping Putin will agree to end the fighting. However, having not seen any signs end, he said he felt it was time.

Trump said he was still not ready to provide Ukraine with the Tomahawk long-range missile, which Kyiv requested.

Speaking to reporters during a meeting with NATO Secretary-General Mark Rutte, Trump said Ukraine took at least six months to learn how to use it.

Ahead of next week's meeting with Chinese President Xi Jinping in South Korea, Trump said he wanted to see Xi use his influence on Putin to stop fighting. Xi and Putin have formed a strategic alliance between their countries.

In a new show of strength, the Kremlin released a video showing Russia's Chief of General Staff, General Valery Gerasimov, reporting to Putin about the exercise.

Russia said it fired missiles from land launchers, submarines, and aircraft, including intercontinental ballistic weapons capable of attacking the United States.

Russia's Defense Ministry said its Tu-22M3 long-range strategic bomber flew over the Baltic Sea, escorted at various points by fighter jets from foreign countries "possibly NATO."

At important moments in the war in Ukraine, Putin has reminded Kyiv and his Western allies of Russia's nuclear power. NATO has also carried out nuclear prevention exercises this month.

European Union countries also approved the 19th sanctions package against Russia for its war on Ukraine, which includes a ban on imports of Russian liquefied natural gas, the European Union's rotating president said on Wednesday.