Trump hits Russia with 'tremendous' oil sanctions and slams Putin in fiery statement

Donald Trump has imposed new sanctions on Russia as the White House calls for an 'immediate ceasefire' on the Ukraine war.

On Wednesday (October 22), the US Treasury Secretary Scott Bessent revealed new sanctions focused on two of the biggest oil companies in Russia, Rosneft and Lukoil, in a bid to stop the country’s ability to fund the war via oil sales.

“Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war,” Bessent said. “We encourage our allies to join us in and adhere to these sanctions.”

The move to impose the sanctions could suggest Trump is now taking a bigger stance against Vladimir Putin, experts explain, as he has reportedly grown frustrated with the lack of progress in reaching a peace deal.

Donald Trump discussed the new sanctions on Russia's oil companies (Kevin Dietsch/Getty Images)

The new measures, however, are said to be unlikely to make a significant impact on Russia’s economy and fail to meet calls for the POTUS to impose secondary tariffs on Russia’s trading partners.

The sanctions will pause any assets the companies hold in the United States. According to Bessent, banks or individuals who conduct business with the two firms or their subsidiaries could also be subject to penalties.

When Trump was asked about the new sanctions, he told reporters at the White House: “I just thought it was time.

“These are tremendous sanctions. These are very big, against their two big oil companies, and we hope that they won’t be on for long. We hope that the war will be settled.

“Many Russians were killed last week. Many Ukrainians were killed last week. We think it’s ridiculous.”

The US president continued: “Every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere. They just don’t go anywhere.

“It’s time to make a deal. A lot of people are dying.”

Trump and Putin were set to meet in Budapest (Andrew Harnik/Getty Images)

The sanctions come as a face-to-face meeting between Trump and Putin was put on hold. Back in August, the two world leaders met in Alaska, but the talks ended in a stalemate over efforts to broker peace between Russia and Ukraine.

Following the meeting, Trump spoke with Putin by phone, calling their conversation 'extremely frank and trustful'.

They had planned to meet again in Budapest, Hungary, in the next few weeks for direct discussions on a potential ceasefire.

That said, the meeting now seems to be on hold, with the White House confirming there are 'no plans' for Trump and Putin to meet in the 'immediate future'.

Preparations were ultimately scrapped after the Kremlin canceled a planned discussion between Russia’s Foreign Minister, Sergei Lavrov, and U.S. Secretary of State Marco Rubio.