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The Story

The financial fight for Ukraine

The Story

The Times

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3.91.6K Ratings

🗓️ 24 October 2025

⏱️ 28 minutes

🧾️ Download transcript

Summary

Donald Trump announced sanctions on Russia’s two biggest oil companies, saying he hoped it may push Putin to be ‘reasonable’ over ending the Ukraine war. The EU swiftly followed suit, and discussed using seized Russian assets to help fund Ukraine. Could the financial pressure bring Russia’s economy– and Putin’s war ambitions– to its knees? 


This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today: http://thetimes.com/thestory


Guest: Maxim Tucker, Ukraine correspondent, The Times and The Sunday Times.

Host: Manveen Rana. 

Producer: Micaela Arneson, Edith Rousselot. 

Read more: What do Trump’s sanctions on Russian oil mean for Ukraine war?

Trump announces ‘tremendous’ new raft of sanctions against Russia

Clips: Forbes, Associated Press, Times News. 

Photo: Getty Images

Get in touch: thestory@thetimes.com

This podcast was brought to you thanks to subscribers of The Times and The Sunday Times. To enjoy unlimited digital access to all our journalism subscribe here.


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Transcript

Click on a timestamp to play from that location

0:00.0

From The Times and the Sunday Times, this is the story. I'm Manvine Rana.

0:11.0

This time last week, the White House provided the backdrop for a tumultuous encounter between Donald

0:20.5

Trump and Volodymyr Zelensky.

0:23.2

It began, better than some of their meetings have, with smiles for the assembled press.

0:28.5

And I think it looks beautiful in his jacket. It's beautiful. I hope people notice. It's a good,

0:33.9

it's actually very stylish. I like it. But even before they sat down to have a private discussion, tensions in the room were rising.

0:43.3

Our president has stuck out his neck in many ways to make a peace deal for your war as well.

0:48.3

What specific concessions are you willing to make to end this war with Russia?

0:51.3

Will you give up joining NATO? The private part of the meeting ended badly. President Trump, fresh off a two-hour call with

1:01.0

Vladimir Putin, turned up the pressure on Ukraine to accept the Kremlin's terms, leading to a

1:07.6

torrid shouting match.

1:17.6

A few days later, President Trump was very publicly casting doubt about Ukraine's future.

1:21.2

They could still win it. I don't think they will, but they could still win it.

1:26.5

I never said they would win it. I said they could win. Anything can happen. You know, war is a very strange thing.

1:32.3

But if a week is a long time in politics, it's an eon in Trump world.

1:39.7

Several head-spinning changes of heart later, there was a dramatic announcement from the White House.

1:43.8

Today is a very big day in terms of what we're doing.

1:46.0

Look, these are tremendous sanctions. These are very big.

1:47.0

It's sanctions on oil.

1:48.0

The two biggest oil companies, among the biggest in the world, but they're Russian.

1:52.0

They do a lot of oil.

1:54.0

And hopefully it'll push, hopefully he'll become reasonable, and hopefully Zelensky will be reasonable to it.

...

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