Published by Global Banking & Finance Review®
Posted on February 24, 2026
4 min readLast updated: April 2, 2026
Add as preferred source on GoogleSenate Banking Committee Democrats say Trump has failed to expand Russia sanctions, lagging far behind EU actions. They cite a stalled bipartisan energy bill as Treasury links further measures to Ukraine peace talks.
By Andrea Shalal
WASHINGTON, Feb 24 (Reuters) - Democrats on the Senate Banking Committee on Tuesday blasted President Donald Trump for failing to ramp up sanctions to pressure Russia to end its war in Ukraine that has now lasted four years, noting the European Union had designated nearly 900 targets in 2025 compared to just two for the U.S.
In an analysis released on the fourth anniversary of Russia's invasion, Democratic staff on the Republican-led panel identified hundreds of potential sanctions targets they said could have been imposed by Trump during his first year in office. The war has killed hundreds of thousands and devastated swathes of Ukraine, Russia's neighbor to the west.
Democratic President Joe Biden, whose term ended in January 2025, rolled out at least 32 sanctions packages in each of the first three years of the war, they said. By comparison, Trump announced just one package of major sanctions - targeting Russian oil majors Lukoil and Rosneft - despite increased Russian attacks that have targeted Ukrainian civilians and decimated its power grid.
Trump has pressed Ukraine to agree to a ceasefire deal that could entail painful concessions of land captured by Russian forces. Talks between Russia and Ukraine have thus far failed to produce a breakthrough. The White House was not immediately available for comment.
PROPOSED BILL LANGUISHES
A bipartisan bill in Congress that would impose sanctions on countries that buy Russian oil, gas, and uranium has the support of 85 of 100 senators, but Republican leaders have not brought the bill up for a vote because of resistance from Trump.
The Democratic report noted that Russia remains enormously dependent on imports of key technologies required for the war, creating opportunities for sanctions.
"It is unclear why any president serious about negotiating the best peace possible would instead let our sanctions leverage wither," the minority staff said. "Without follow-up actions, evaders are brazenly profiting without any U.S. pushback, and the Kremlin knows it."
Washington did announce fresh Russia and cyber-related sanctions on Tuesday, designating four people and three entities, including some based in Russia and the United Arab Emirates, according to the Treasury Department website.
Treasury was not immediately available for comment.
U.S. Treasury Secretary Scott Bessent, questioned during a hearing last month about the sharp drop in sanctions actions, said the designations of Rosneft and Lukoil had been sufficient, and had helped to bring Russia to the negotiating table.
Further sanctions, he said, would depend on talks aimed at ending the war. Bessent said he would consider new sanctions against Russia's shadow fleet of oil tankers, a step Trump has not taken since returning to office in January 2025.
The report listed many possible sanction targets that the Trump administration had skipped, including more than 130 companies identified in China and Hong Kong as "advertising immediate sales of restricted computer chips to Russia."
It also listed companies around the world sanctioned by the European Union, Britain and others for helping Russia's military, as well as Central Asian banks designated by the EU last year.
It said the Trump administration failed to target companies involved with Russia's shadow fleet, and refrained from sanctioning officials and individuals responsible for human rights abuses, including the deportation of Ukrainian children.
(Reporting by Andrea Shalal)
Senate Banking Committee Democrats criticize President Trump for not expanding sanctions to pressure Russia to end the war in Ukraine, arguing U.S. action lags allies and misses many potential targets.
The article notes one major Trump package targeting Lukoil and Rosneft, limited new designations, and Treasury’s position that further measures depend on progress in peace talks.
A bipartisan bill to sanction buyers of Russian oil, gas, and uranium has support from most senators but has not been brought to a vote due to Trump’s resistance, according to Democrats.
Explore more articles in the Finance category
