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The United States has imposed sanctions on Russian oil giants

The United States has imposed sanctions on Russian oil giants
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On October 22, the United States imposed sanctions on major Russian oil companies and called on Moscow to immediately agree to a ceasefire, the U.S. Department of the Treasury reported.

The additional sanctions were introduced due to Russia’s lack of serious commitment to the peace process to end the war. These measures increase pressure on Russia’s energy sector and reduce the Kremlin’s ability to generate revenue for its military operations and support its weakened economy.

The U.S. will continue to advocate for a peaceful resolution to the war, with long-term peace depending entirely on Russia’s willingness to negotiate. The Treasury Department will continue to use its authority to support the peace process, the statement said.

U.S. Treasury Secretary Scott Bessent stated that now is the time to stop the killings and declare a ceasefire. He added that the sanctions were imposed due to Russian dictator Vladimir Putin’s refusal to halt military actions. The sanctions target Russia’s two largest oil companies – Rosneft and Lukoil – as well as several subsidiaries of these oil giants.

“Now is the time to stop the killing and for an immediate ceasefire,” said Secretary of the Treasury 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.”

U.S. President Donald Trump published the list of Russian oil companies subject to the sanctions, totaling 36 organizations.

 

Lukoil is one of Russia’s largest private oil companies, founded in 1991. The company is engaged in exploration, extraction, refining, and sales of oil, gas, and petroleum products in dozens of countries. Its headquarters are located in Moscow, and its leadership is traditionally connected with Russian political and business structures. Lukoil owns large refineries and a network of gas stations in Russia and abroad. Following the start of the full-scale war against Ukraine, the company has come under sanctions from several Western countries.

Rosneft is Russia’s largest state-owned oil company, founded in 1993 based on government assets in the oil industry. It operates across the full cycle—from exploration and extraction of oil and gas to refining and sale of petroleum products. The company’s headquarters are in Moscow, and the government of the Russian Federation owns the controlling stake. Rosneft has numerous oil fields in Siberia, the Far East, and the Arctic, and also collaborates with foreign partners.

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