Will America’s new sanctions on Russian oil force a peace deal?

Oct 23rd 2025|4 min read

DONALD TRUMP is frustrated with Vladimir Putin. Friendly calls, offers to meet, the prospect of post-war deals—none has tempted the Russian leader into a peace agreement. On October 22nd the American president snapped. In his first serious economic barrage against Russia since returning to the White House, Mr Trump placed sanctions on Rosneft and Lukoil, the country’s two largest oil firms, as well as on 34 of their subsidiaries. The aim, according to America’s Treasury, is “to degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy”. Oil prices leapt by 5% on the day (see chart).