The Treasury Department announced a new round of sanctions against Russia on Wednesday, targeting the country’s two largest oil companies that “fund the Kremlin’s war machine.”
The sanctions hit Open Joint Stock Company Rosneft Oil Company, Lukoil OAO, and dozens of their subsidiaries. In a press release, the Trump administration said the sanctions were necessary because of “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent. “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.”
READ SANCTIONS ANNOUNCEMENT HERE: Treasury Sanctions Major Russian Oil Companies, Calls on Moscow to Immediately Agree to Ceasefire
Just before the sanctions were announced, Bessent discussed the move in an interview on Fox Business Wednesday afternoon, saying it will be “one of the largest sanctions that we have done against the Russian Federation.”
“President Putin has not come to the table in an honest and forthright manner, as we’d hoped,” he added. “There were talks in Alaska. President Trump walked away when he realized that things were not moving forward. There have been behind-the-scenes talks, but I believe that the president is disappointed at where we are in these talks.”
Watch the clip below:
.@SecScottBessent: "President Putin has not come to the table in an honest and forthright manner, as we'd hoped… we are going to be announcing a substantial increase in Russia sanctions… one of the largest sanctions that we have done against the Russian Federation." pic.twitter.com/V4I8lg1WJi
— Rapid Response 47 (@RapidResponse47) October 22, 2025
U.S. sanctions on Russia come as the European Union approved the 19th batch of sanctions against Moscow on Wednesday, Reuters reported.
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