US Treasury imposes sanctions on Russia’s oil giants Rosneft, Lukoil

The US Department of the Treasury has announced new sanctions targeting two of Russia’s largest oil companies - Rosneft and Lukoil - in an effort to increase pressure on Moscow’s energy sector and limit the Kremlin’s ability to finance its war efforts.

According to a statement from the Treasury’s Office of Foreign Assets Control (OFAC), the measures are designed to restrict Russia’s access to critical revenue streams that sustain its military operations.

“The United States continues to support a peaceful resolution to the war, and lasting peace depends entirely on Russia’s willingness to engage in good-faith negotiations,” the statement reads. “The Treasury will continue to use its authorities to support the peace process.”

Treasury Secretary Scott Bessent said the decision underscored Washington’s determination to halt the violence and promote a ceasefire.

“Because of President Putin’s refusal to end this senseless war, the Treasury is imposing sanctions on two of Russia’s largest oil companies that are funding the Kremlin’s war machine,” Bessent said. “The Treasury stands ready to take additional measures if necessary to support President Trump’s efforts to bring another war to an end. We urge our allies to join us and uphold these sanctions.”