U.S. Imposes New Sanctions on Russia’s Two Biggest Oil Producers
“Now is the time to stop the killing and for an immediate ceasefire,” U.S. Treasury Secretary Scott Bessent said in a statement.
Bessent emphasized that President Donald Trump’s administration is ready to take further measures if required and urged U.S. allies to align with Washington’s sanctions campaign against Russia.
According to Bloomberg estimates, state-owned Rosneft and privately operated Lukoil together account for nearly half of Russia’s crude exports—around 2.2 million barrels per day in the first half of this year.
“I just felt it was time,” Trump said from the White House on Wednesday afternoon, adding that he hoped “they won’t be on for long” as he seeks a resolution to the Russia-Ukraine conflict.
The sanctions followed the postponement of a planned Trump-Putin summit in Hungary a day earlier.
“It didn’t feel like we were going to get to the place we have to get. So I canceled it,” Trump said of the meeting.
The United States and its partners have issued several rounds of trade and financial penalties against Russia since the war in Ukraine began in February 2022.
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