US sanctions Russia's top oil firms amid Ukraine war pressure

The United States announced new sanctions on Russia's two biggest oil companies, Rosneft and Lukoil, along with dozens of subsidiaries, in a bid to choke funding for Moscow's war machine. Treasury Secretary Scott Bessent framed the move as a response to Moscow's ongoing invasion of Ukraine and said the United States is prepared to take further action if necessary to support a ceasefire. He urged allies to join in the measures, noting that this is intended to squeeze funding for the Kremlin's war machine. "Now is the time to stop the killing and for an immediate ceasefire," Bessent said in a statement, underscoring the administration's willingness to escalate pressure on Moscow. The announcement came as NATO Secretary General Mark Rutte was in Washington for talks with President Trump, highlighting the alliance's ongoing coordination of weapons and aid for Ukraine. In Kyiv, Ukrainian authorities reported drone and missile strikes hitting multiple sites across the country, with casualties including a woman and her two young daughters. Kyiv and other cities faced waves of attacks that wounded dozens and set homes ablaze, reflecting the war's brutal toll even as Western efforts to broker a ceasefire continue. Bessent cited lower global oil prices as a factor shaping the timing of the sanctions, arguing that now is the moment to tighten the pressure on Moscow. The Treasury stressed it would explore additional steps if the Kremlin does not slow its aggression. The sanctions target Rosneft, Lukoil and numerous subsidiaries, aiming to disrupt investment flows that sustain Russia's oil sector and, by extension, its war efforts.

Cover image source: Oil price jumps after Trump imposes sanctions on two Russian producers 🔗

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