U.S. sanctions Russia's two largest oil companies

The Treasury Department announced new sanctions targeting Russia’s oil sector Wednesday, the day after President Donald Trump confirmed that a planned meeting with Russian President Vladimir Putin to discuss Russia's war with Ukraine was off. “Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement.

The Treasury Department announced new sanctions targeting Russia’s oil sector Wednesday, the day after President Donald Trump confirmed that a planned meeting with Russian President Vladimir Putin to discuss Russia's war with Ukraine was off.

“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. 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.”

The two companies being sanctioned are Rosneft and Lukoil, along with some of their subsidiaries, the statement said.

Despite the war and the battered Russian economy, Rosneft and Lukoil are worth more than $50 billion each and are two of the biggest companies listed on the Moscow Stock Exchange.

Trump told reporters Wednesday that it was the appropriate time to use sanctions to try to end the war.