Trump administration sanctions Russian oil companies Rosneft and Lukoil
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The news: The US has sanctioned Russia’s two largest oil producers, Rosneft and Lukoil, in a move the Treasury Department said was aimed at undermining the Kremlin’s ability to generate revenue for its war in Ukraine.
The context: The sanctions, released Wednesday by the US Treasury, came after President Donald Trump postponed a planned meeting with Vladimir Putin, saying it would be a “waste of time”, and followed months of bipartisan pressure to target Russia’s energy sector.
What they said: Treasury Secretary Scott Bessent said in a statement the companies “fund the Kremlin’s war machine” adding that “now is the time to stop the killing and for an immediate ceasefire”.
The sanctions, which also apply to dozens of subsidiaries, were introduced as Russian forces launched drone and missile strikes on at least 10 Ukrainian regions, killing at least seven civilians and wounding dozens, including children. Ukraine said it responded by striking targets inside Russia, including a chemical plant in Bryansk and an oil refinery in Dagestan.
Meanwhile, the European Union is expected to announce a new sanctions package on Thursday that would include an import ban on liquefied natural gas, as part of efforts to further cut Moscow’s energy revenues, Bloomberg reported.
The sources: Donald Trump, Bloomberg
