President Donald Trump had for weeks signalled possible penalties against Russia but had held off on major punitive measures until now, broadcaster CNN reported.
“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said in a statement announcing the sanctions.
“Given President Putin’s refusal to end this senseless war, the Treasury Department is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine,” Bessent said.
“Treasury is prepared to take further action if necessary to support President Trump’s efforts to end yet another war. We encourage our allies to join us in and adhere to these sanctions," he added.
The sanctions target Rosneft and Lukoil, along with nearly three dozen of their subsidiaries, according to CNN.
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Source: CNN, IAR, PAP