White House vs. Kremlin: Trump Scraps Putin Summit, Targets Russian Oil Revenue

Relations between the White House and the Kremlin have deteriorated, with President Trump canceling his planned summit with Vladimir Putin and his administration simultaneously sanctioning Russia’s two largest oil companies, Rosneft and Lukoil.
The diplomatic snub came first, with Trump telling reporters the meeting “didn’t feel right” and that negotiations were stalled. This was followed by the Treasury Department’s economic strike, a move designed to sever the financial lifelines of the Russian military.
Treasury Secretary Scott Bessent stated the sanctions were a direct response to Putin’s “refusal to end this senseless war” in Ukraine. He encouraged US allies to “join us in and adhere to these sanctions,” a call partially heeded by the UK, which had already sanctioned both firms.
This represents a significant policy change for the Trump administration. After returning to the White House, the administration had fluctuated between coercing Kyiv to make concessions and confronting Moscow over its maximalist demands. Wednesday’s actions show confrontation has won out for now.
The EU, which has sanctioned Rosneft but not Lukoil, welcomed the US move. President Ursula von der Leyen said it showed “collective pressure,” as the EU prepares its own new measures, including a ban on Russian LNG and targeting the “shadow fleet” of oil tankers.