US imposes sanctions on 2 Russian oil companies, calls on Moscow to immediately end war in Ukraine

The United States on Wednesday announced sweeping sanctions against two of Russia’s biggest oil companies, Rosneft and Lukoil, and several of their subsidiaries, just hours after Treasury Secretary Scott Bessent hinted at a “substantial pickup” in sanctions targeting Moscow.

“Now is the time to stop the killing and for an immediate ceasefire,” Bessent said in a written statement, stressing that the measures were part of President Donald Trump’s broader effort to push for an end to the conflict.

The Treasury chief said Washington was ready to escalate further if needed. “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,” Bessent added.

This is a developing story. It will be updated.

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