US Imposes Tough Sanctions Against Russian Oil Giants

The pressure on the Kremlin is mounting.

The US has imposed tough sanctions on Russian oil companies Rosneft and Lukoil, increasing pressure on the Kremlin over the war in Ukraine.

The US Treasury Department reports.

The U.S. Treasury Department, through its Office of Foreign Assets Control (OFAC), has imposed new sanctions against Russia in an effort to get Putin to set up serious negotiations to end the war in Ukraine.

The sanctions are aimed at pressuring Russia's energy sector and limiting the revenues the Kremlin uses to finance the war and support the economy.

The new sanctions will affect Russia's two largest oil companies, Rosneft and Lukoil, as well as their numerous subsidiaries that produce, refine and sell oil and gas in Russia.

The list includes more than 30 divisions of both companies, including oil fields, gas fields and refineries across the country.

From now on, all assets and interests in property of these companies located in the United States or controlled by U.S. persons are blocked and subject to mandatory notification to OFAC. Violation of the sanctions could result in civil or criminal liability, and foreign financial institutions with significant transactions with the sanctioned companies risk secondary sanctions.

OFAC also emphasized that the sanctions are not intended to punish, but to change Russia's behavior and encourage it to negotiate peace. The sanctions may be reviewed or lifted if U.S. law and conditions are met.

"Now is the time to stop the killing and declare an immediate ceasefire. Because of President Putin's refusal to end this senseless war, the Treasury Department is imposing sanctions on two of Russia's largest oil companies that are funding the Kremlin's war effort. We urge our allies to join and comply with these sanctions," said U.S. Treasury Secretary Scott Bessent.

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