Donald Trump‘s sanctions on Russia’s oil giants are the strongest step he has taken yet against Russian President Vladimir Putin and could ramp up long-term pressure on the economy, the former UK ambassador to Moscow has told The i Paper.
The new US sanctions on Russian oil will be more effective in forcing the Kremlin into peace than providing long-range missiles such as Tomahawks to Ukraine, Sir Tony Brenton said.
The US announced new sanctions on Rosneft and Lukoil, Russia’s largest oil companies, on Wednesday, the first time Trump has imposed direct costs on Moscow since returning to the White House.
Sir Tony, who was ambassador to Russia from 2004 to 2008, said the sanctions were likely to ramp up pressure on the country’s economy.
Oil and gas are considered the lifeblood of Russia’s economy, and US Treasury secretary Scott Bessent said the companies targeted had been funding the Kremlin’s “war machine”.
The US Treasury said the sanctions against Rosneft and Lukoil were “a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine”.
US Treasury Secretary Scott Bessent announced fresh sanctions against Russia, a day after Donald Trump shelved talks with Moscow on the Ukraine war (Photo: Jim Watson / AFP)The companies reportedly account for around half of Russia’s crude oil exports and jointly export 3.1 million barrels of oil per day.
“These are tremendous sanctions and I hope they don’t last long,” Trump said.
The US sanctions come as the UK and EU also ramp up their own sanctions efforts, with No 10 announcing penalties on the same Russian oil firms last week.
This morning, the EU unveiled its 19th sanctions package against Russia, including targeting Russian banks, crypto exchanges and other entities in India and China and placing a ban on the import of Russian liquified natural gas.
The Trump administration’s announcement means Russia’s four largest oil companies have now been hit by sanctions. Earlier this year the UK and US directly sanctioned energy companies Gazprom Neft and Surgutneftegas.
Sanctions ‘will push in the right direction – but Putin will grit his teeth’
Sir Tony said that the sanctions marked a significant step up from previous packages and could increase pressure on the Russian economy in the longer-term.
“It will certainly help push in the right direction. This is much more effective than Tomahawks,” he said, referring to the long-range missile system Trump has refused to give to Ukraine.
Brenton said that the sanctions appeared to be similar to those imposed on Iran’s state oil company in the 2010s, which helped yield significant concessions on its nuclear programme.
The former ambassador warned that Vladimir Putin was now likely to “grit his teeth” in the face of the new penalties, but that pressure could mount over time.
“He cannot be seen to be shifting under pressure in any case, and they will look for ways around them and ways of accommodating the economic hit,” he said.
“The question is not what it does to Russian policy tomorrow, but what it does to Russian policy in a few months time. In their negotiations with Trump, the Russians are walking themselves into a corner, and it’s not a corner that it’s easy for them to get out of without a major loss of face.”
Rescuers evacuate children from a kindergarten hit by Russian drones during an attack in Kharkiv, Ukraine on 22 October 2025 (Photo: Ukrainian Emergency Service via AP)Third countries could be hit by US sanctions
Under the new measures, third countries who engage with the Russian firms could also be penalised, the US Treasury indicated, saying that “foreign financial institutions that conduct or facilitate significant transactions or provide any service involving Russia’s military-industrial base… run the risk of being sanctioned”.
Trump has already said he will raise concerns about China’s purchases of Russian oil during his meeting with Xi Jinping next week.
Trump has already imposed tariffs on India, in what he called retaliation for its purchase of Russian oil.
Sanctions follow bloody week in Ukraine
The sanctions are the latest indication that Trump’s patience with Putin is wearing thin.
The US President this week cancelled plans for an imminent meeting with Putin, saying he did not want a “wasted meeting”.
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The Kremlin disputed Trump’s statement on the cancellation of the planned summit, saying Kremlin spokesman Dmitry Peskov said a date had yet to be agreed upon but that it was “the mutual desire of both presidents” and most of the “gossip and rumours” surrounding it were untrue.
Shortly after Trump’s comment on the summit, Russia launched a new wave attacks on Ukraine, including hitting a nursery.
More than 400 drones and 28 missiles were launched on Tuesday night and Wednesday morning, reportedly killing six people including a six-month-old baby and a 12-year-old girl.
Ukrainian President Volodymyr Zelensky said the attacks proved that the Kremlin was not under enough pressure to end the war.
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