"Given Putin's refusal to end this senseless war, the Treasury Department is imposing sanctions on two of Russia's largest oil companies that fund the Kremlin's war machine," Besent said.

He warned that the Treasury Department was ready for"further action, if necessary" to support Trump's efforts to end the war.

Speaking to Fox Business ahead of the official announcement, Besant said these were"one of the largest sanctions we have imposed on the Russian Federation."

Trump delayed imposing new sanctions for months, hoping to persuade Putin to make peace, even as Trump's dissatisfaction with the Kremlin leader grew.

Trump's patience has run out in the six days since his phone call with Putin last Thursday.

"President Putin has not come to the [negotiating] table in the honest and open manner that we had hoped for," Besant told Fox Business.

He recalled that during the Trump-Putin meeting in Alaska in August,"President Trump walked away when he realized things weren't moving forward."

"There have been behind-the-scenes conversations, but I believe the president is disappointed with where we are in these conversations," Besant added.

The EU also announced new sanctions against Russia on Wednesday. The 19th round of sanctions that Russia has been subject to since its repeated invasion of Ukraine in February 2022, includes a ban on the import of liquefied gas from Russia until 2027, the"blacklisting" of even more Russian "shadow fleet" tankers, and restrictions on the movement of Russian diplomats in Europe.