'Time to Stop the Killing': Treasury Dept. Signals Ramping Up of Sanctions on Russia

Patience is wearing thin at the White House over the continued failure of Russian President Vladimir Putin to come to the table to negotiate an end to the war with Ukraine in good faith, based on a developing news story on Wednesday afternoon about a ramping up of sanctions on a major sector of Russia's economy.

Just under a week ago, President Trump had said he would be meeting with Putin over a cease-fire during a planned summit in Budapest.

Then he said earlier this week the two nations should stop at the battle lines as they stand, pack up, and head home.

Next, the meeting with Putin was called off after the U.S. realized Russia wasn't serious about the basic structure of beginning a cease-fire, based on comments by Russian Foreign Minister Sergey Lavrov, as my colleague streiff wrote on Tuesday.

Trump Cancels Budapest Summit After Russia Signals It Will Not Budge on Cease Fire Pre-Conditions

Earlier on Wednesday, Treasury Secretary Scott Bessent announced that his department will begin "“a substantial pickup in Russia sanctions” as a result--and Senate Republicans signaled their caucus was ready to do its part:

“We are going to, either announce after the close this afternoon or first thing tomorrow morning, a substantial pickup in Russia sanctions,” Bessent told reporters at the White House.
...
A Senate bill led by Sen. Lindsey Graham (R-S.C.) to levy steep sanctions on Russia has dozens of sponsors, and lawmakers have said they are waiting for the go-ahead from the White House to bring the bill up for a vote.

Sec. Bessent shared the official decision on Wednesday afternoon through his X account:

Now is the time to stop the killing and for an immediate ceasefire. Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary… https://t.co/tbJTyf8x2V
— Treasury Secretary Scott Bessent (@SecScottBessent) October 22, 2025

He wrote

Now is the time to stop the killing and for an immediate ceasefire. Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.

A release from Treasury read, in part:

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing further sanctions as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine. Today’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy. The United States will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia’s willingness to negotiate in good faith. Treasury will continue to use its authorities in support of a peace process.
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Today’s action targets Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), which are now designated. Rosneft is a vertically integrated energy company specializing in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products.
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Additionally, OFAC is designating a number of Russia-based Rosneft and Lukoil subsidiaries, a list of which is available in Annex 1 below.

This is a developing story. RedState will provide updates as more information becomes available.

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