U.S. Sanctions Major Russian Oil Companies, Pushes Ceasefire Deal
The U.S. has imposed further sanctions as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine and calls on Moscow to immediately agree to a ceasefire deal.
In a statement, the US said today’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy.
The top Russian oil names targeted include Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) , and 50 subsidiaries are now designated.
The US said it will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia’s willingness to negotiate in good faith.
Treasury said it will continue to use its authorities in support of a peace process. “Now is the time to stop the killing and for an immediate ceasefire,” said Secretary of the Treasury 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.”
Today’s action targets Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), which are now designated.
Rosneft is a vertically integrated energy company specialising in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products.
Lukoil engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally. Rosneft and Lukoil are being designated pursuant to E.O. 14024 for operating or having operated in the energy sector of the Russian Federation economy.
Additionally, the US added a number of Russia-based Rosneft and Lukoil subsidiaries to the designated lists. All entities owned 50 percent or more, directly or indirectly, by Rosneft and Lukoil are blocked pursuant to executive order E.O. 14024, even if not designated. Eunisell Begins the Week on a Strong Note, Investor Optimism Fuels Gains
