The Trump administration on Wednesday imposed sanctions on Russia’s two largest oil companies as it called on Moscow to agree to an immediate ceasefire in the war with Ukraine.

Axar.az informs, citing CNN, President Donald Trump had for weeks signaled he could impose penalties against Russia for its continuation of the war but had failed to take major punitive measures until Wednesday. The announcement came as Trump said he had “canceled” an anticipated meeting with Putin because he “didn’t feel like we were going to get to the place we have to get.”

The sanctions hit Rosneft and Lukoil and almost three dozen of their subsidiaries. The United Kingdom targeted the two oil companies last week, and the European Union agreed to another package of sanctions on Wednesday.

In remarks in the Oval Office, Trump explained he “felt it was time” for the sanctions, noting he “waited a long time” to impose them. Still, the US president said he hopes “they won’t be on for long” because the war will end.

Treasury Secretary Scott Bessent said in a statement Wednesday that it was “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,” he said.

Bessent added: “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.”