Trump administration sanctions big Russian oil companies, presses for Ukraine ceasefire

Trump administration sanctions big Russian oil companies, presses for Ukraine ceasefire


U.S. Treasury sanctions Russian oil companies in push for Ukraine ceasefire

The Trump administration on Wednesday imposed further sanctions on Russia’s two largest oil companies, citing “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”

“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said as he announced the sanctions on Rosneft and Lukoil.

Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war,” Bessent said. “We encourage our allies to join us in and adhere to these sanctions.”

The Treasury Department said the new sanctions will harm the Kremlin’s ability to raise revenue to fund its war against Ukraine.

A senior White House official told NBC News that the new sanctions are related to plans for a meeting between President Donald Trump and Russian leader Vladimir Putin in Budapest falling through.

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia on April 22, 2022.

Reuters Photographer | Reuters

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