US Sanctions Rosneft, Lukoil; Budapest Summit Canceled

President Donald Trump, in his second term, announced major sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, and dozens of their subsidiaries to degrade Kremlin revenue and press for an immediate ceasefire in Ukraine. Treasury Secretary Scott Bessent framed the measures as punishment for Moscow’s refusal to end the war, urged allies to join and said the U.S. is prepared to take further action. The announcement came after a planned Trump–Putin summit in Budapest was canceled and followed similar recent British penalties, and it pushed oil prices up more than $2 a barrel. The measures coincided with intensified Russian missile and drone strikes that caused civilian casualties and renewed Kyiv’s appeals for more foreign military aid. Ukrainian President Volodymyr Zelensky called Trump’s proposal to freeze front lines a “good compromise” but expressed doubt Vladimir Putin would accept it, and the U.S. stopped short of supplying long-range Tomahawk missiles to Kyiv for now.