The Trump administration announced on Wednesday new sanctions targeting Russia's two largest oil companies, Rosneft and Lukoil, as part of efforts to pressure Moscow to end the war in Ukraine, which began with Russia's 2022 invasion. Treasury Secretary Scott Bessent stated, "Now is the time to stop the killing and for an immediate ceasefire," adding that the companies "fund the Kremlin's war machine."
The sanctions also extend to dozens of their subsidiaries. Bessent emphasized that Treasury is ready to take further action to support President Trump's push to end the conflict and urged allies to join and enforce the sanctions.
Source: Trading Economics
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