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Trump Cancels Talks, Slams Russia With New Oil Sanctions

Trump Cancels Talks, Slams Russia With New Oil Sanctions 老王跨境电商
2025-10-24
11
导读:What new sanctions mean for global oil and Europe’s winter.

The Expat Edit

Trump, Putin, and Sanctions: What Lies Behind the “Not Appropriate” Snub?

By The Expat Edit · October 24, 2025
Above: Trump and Putin walking at the Alaska summit earlier this year. Their Budapest meeting is now off the table.
Yesterday, President Trump abruptly canceled his planned meeting with Russian President Vladimir Putin in Budapest, citing that it was “not appropriate” to meet at this time. In the same twenty-four-hour window, the US Treasury announced a new round of sanctions on Russia’s two largest oil companies, and the European Union reached an agreement for its nineteenth sanctions package. The general mood among both leaders and their publics is a confused mix of brinkmanship, frustration, and political calculation.

What Does “Not Appropriate” Actually Mean?

When President Trump uses the phrase “not appropriate,” what does he mean behind the diplomatic language? This week’s events reveal that the phrase is less about timing and more about negotiations stalling out. Trump had hoped to push Putin toward some form of ceasefire in Ukraine, ideally on American terms, but recent talks have gone nowhere. Both sides have dug in: Russia insists it must secure control over territories in eastern Ukraine, while Trump’s attempts to broker a trade have been stonewalled not just by Moscow but by a Zelensky government that refuses to concede land in exchange for peace.

The failed summit was not simply about the protocols of diplomacy, but about who moves first toward a compromise neither is willing to make. White House officials privately voiced concern that meeting Putin now, with no breakthrough in sight, would leave Trump appearing weak both to domestic voters and to European allies. On the surface, “not appropriate” is a polite way to say there was no deal to be had, no progress to announce, and no way Trump could spin a summit into a political victory.

Above: Trump in Tokyo with newly elected Japanese Prime Minister Sanae Takaichi. Japan has quietly supported new measures in the latest Russia sanctions.

Sanctions: Who Gets Hit and How?

The latest US sanctions target Rosneft and Lukoil, Russia’s biggest state and private oil companies. Together, they account for nearly half of Russia’s total crude oil exports. The intention from Washington is to choke off a key source of funding for Moscow’s military operations in Ukraine. The European Union’s new measures will prohibit Russian liquefied natural gas from entering the European market for the first time and lower the price cap on Russian oil to 47.6 dollars a barrel. Additional rules will block Russian state oil and gas giants from all transactions with EU buyers, extend banking restrictions to more Russian (and a few non-Russian) banks, and add cryptocurrency platforms for the first time in a sanctions package.


The impact of the oil clampdown will be felt beyond Russia. Rosneft and Lukoil’s exported oil has historically gone mainly to Europe and China. As this pie chart shows, 56 percent of Russian oil exports recently went to Europe, while 33 percent went to China.

Above: Official breakdown of Russian oil exports. Europe remains crucial, but China’s share is rising.

Natural gas is another pressure point. Before the war, Russia supplied almost half of the EU’s imported gas, with Europe accounting for about 83 percent of total Russian gas exports and China taking a very small share at only 2 percent. Europe’s rapid pivot away from Russian energy has driven costs up for households and industries and stoked inflation that central banks are still struggling to tame.

Above: Most Russian gas exports still go to Europe. China’s market, while growing, remains limited for now.

Can More Sanctions Really Change the War?

In practice, sanctions have so far failed to push Russia to the negotiating table. Despite cutoffs, Russia has rerouted some energy exports to Asia, though often at deep discounts. As the war drags on, the hoped effect is that budget pressures will force tough choices between military expenditure and social spending, with everyday citizens and frontline troops both feeling the squeeze. So far, no clear sign exists that the Kremlin intends to change tactics or political goals.

Ukraine, the Battlefield, and the Math of Attrition

On the ground, the lines keep shifting in small increments. Russian forces have recently made advances in the southern outskirts of Vovchansk, relying on newly reorganized interior and national guard units. The question facing both sides is how long they can sustain high levels of manpower and material losses, especially as international resolve wavers.

Above: Russian units secure new ground in the southern suburbs of Vovchansk. Attrition on all sides remains high.
“Behind all the high-stakes summits and sabre-rattling, this is a war of slow grind, costly trades, and shifting alliances.”

Looking Forward: No End in Sight

The current cycle of halted negotiations, sanctions escalations, and battlefield maneuvering only deepens the stalemate. The US administration wants visible progress to satisfy voters and assert global influence. Putin remains focused on securing military objectives in Ukraine at almost any cost. European governments try to balance soaring energy prices with strategic unity, while Ukraine strives to hold its lines with diminishing resources. Few expect meaningful peace talks anytime soon, and most agree that the phrase “not appropriate” may be heard many more times before any real breakthrough appears on the horizon.

The Expat Edit
Where real China meets real talk.
Sources: US Treasury press releases, EU Commission, interviews, Chinese social media commentary, Reuters/Agence France-Presse coverage.
Images: Editorial fair use for WeChat.

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