U.S. Imposes Sanctions on Russian Oil Giants Rosneft and Lukoil Amid Calls for Ukraine Ceasefire

The U.S. Treasury Department announced on Wednesday the imposition of sanctions on Russia's two largest oil companies, Rosneft and Lukoil, citing Moscow's "lack of serious commitment to a peace process to end the war in Ukraine."

Treasury Secretary Scott Bessent emphasized the urgency of halting hostilities, stating,

"Now is the time to stop the killing and for an immediate ceasefire."

He further noted that the sanctions aim to degrade Russia's ability to raise revenue for its war efforts.

The sanctions block all property and interests in property of Rosneft and Lukoil under U.S. jurisdiction and prohibit transactions by U.S. persons with these entities and their subsidiaries.

This move follows the cancellation of a planned meeting between President Donald Trump and Russian President Vladimir Putin, as the U.S. seeks to pressure Moscow into agreeing to an immediate ceasefire in Ukraine.