President Donald Trump announced tougher U.S. sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, saying he “felt it was time” to escalate pressure for a ceasefire in Ukraine. The measures, also covering subsidiaries, follow his decision to cancel a planned second summit with Vladimir Putin; the Kremlin said no date had been set. Treasury Secretary Scott Bessent urged allies to join and warned of further steps. NATO’s Mark Rutte said the move raises pressure to negotiate. The action, Trump’s first Russia sanctions since taking office, leaves all four top oil producers targeted.

Prepared by Lauren Mitchell and reviewed by editorial team.