The Trump administration on Wednesday announced fresh sanctions on major Russian oil companies as efforts to end the war in Ukraine have stalled.
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© AP Photo/Evan Vucci, File
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The Treasury Department said it was hitting Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company and Lukoil OAO, with sanctions. The move is part of an effort to increase pressure on Moscow to end the war, which began in 2022 when Russian forces invaded Ukraine.
“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement.
“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,” Bessent said. “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.”
Treasury is also sanctioning dozens of subsidiaries of Rosneft and Lukoil.
Read more here, from The Hill’s Brett Samuels.
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Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
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