The United States is planning additional sanctions on Russia if President Vladimir Putin prolongs the war on Ukraine. A US official said that the additional sanctions on Russia have been prepared to target key areas of the Russian economy and this time, Russian banks and oil infrastructure are the targets.
US officials have also indicated to their European counterparts that they back the EU using frozen Russian assets to purchase US weapons for Kyiv, and Washington has also begun internal discussions on using Russian assets held in the US to support Ukraine’s war effort, according to two officials Reuters quoted.
Earlier on Wednesday, October 22, the Trump administration imposed sanctions on two major Russian oil companies, citing their “lack of serious commitment to peace in Ukraine.” President Donald Trump also noted that conversations with Vladimir Putin were “good” but did “not go anywhere.”
The sanctions hit two major Russian oil companies – Rosneft and Luko – to increase pressure on Russia’s energy sector.
What did Bessent say about the sanctions?
Secretary of the Treasury Scott Bessent, who announced the sanctions on the Russian oil companiesm, said, “Now is the time to stop the killing and for an immediate ceasefire.”
“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions,” Bessent said.
The move spiked oil prices by more than $2 and sent major Chinese and Indian buyers of Russian crude looking for alternatives.
Trump, using Truth Social to announce the new sanctions on Russia, said it was “time” for such measures. He also expressed hope that the “tremendous” sanctions would be “short-lived”.
Just last week, before the reports of some additional sanctions on Russian banks and oil infrastructure emerged, Ukrainian officials had suggested new sanctions to the US.
Their ideas included cutting all Russian banks off from the U.S. dollar system, said two sources. It is, however, not clear how seriously the US is considering these specific requests.
After the sanctions, Ukrainian Embassy spokesperson in Washington welcomed the sanctions and said, “Dismantling Russia’s war machine is the most humane way to bring this war to an end.”
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