The United States imposed massive sanctions on Russia as a result of its “lack of serious commitment to a peace process to end the war in Ukraine,” the Treasury Department said.
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”
The sanctions place more pressure on Russia’s energy industry and affect its ability to raise revenue for war build-up and the support of its economy.
Two oil companies, Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), are affected “for operating or having operated in the energy sector of the Russian Federation economy,” the press release explains, noting that “all property and interests in property of the designated or blocked persons” being sanctioned “that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to [Treasury’s Office of Foreign Assets Control].
The sanctions come as the White House confirmed there are no plans for President Trump to meet with Russian President Vladimir Putin.
“We canceled the meeting with President Putin,” Trump told reporters. “It just it didn’t feel right to me. It didn’t feel like we were going to get to the place we have to get. So I canceled it. But we’ll do it in the future.”
