Oil Sanctions ‘Starving Putin’s War Machine’: Treasury Department

Russian oil prices are plunging as some international buyers held off on purchases after sanctions were imposed.

This photograph shows the Lukoil logo on a fuel storage tank at Rosenets Port terminal on the Black Sea coast near the city of Burgas, Bulgaria, on Nov. 14, 2025. Nikolay Doychinov/AFP

WASHINGTON—Sanctions imposed by U.S. President Donald Trump in October against two Russian oil companies are “having their intended effect” on the country’s oil revenues, according to a Treasury Department market reaction report.

“President Trump has targeted Russia’s two largest oil companies in one of the most impactful Treasury actions to date,” a Treasury spokesperson told The Epoch Times via email on Nov. 18.