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The United States has announced a new package of economic sanctions aimed at increasing pressure on Russia’s energy sector and weakening the Kremlin’s ability to generate revenue to finance its war machine.
This was stated in a press release published on the website of the U.S. Department of the Treasury.
“The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing additional sanctions in response to Russia’s continued lack of serious commitment to a peaceful process to end the war in Ukraine”, — the statement reads.
The sanctions target Russia’s two largest oil companies — Open Joint Stock Company Rosneft and Public Joint Stock Company Lukoil.
Rosneft is a vertically integrated energy company specializing in the exploration, extraction, production, refining, transportation, and sale of oil, natural gas, and petroleum products. Lukoil is engaged in the exploration, production, refining, marketing, and distribution of oil and gas both in Russia and internationally.
In addition, OFAC is adding a number of Russian subsidiaries of Rosneft and Lukoil to the sanctions list. The restrictions apply to all entities that are directly or indirectly owned 50 percent or more by Rosneft or Lukoil.
“It is time to stop the killing and declare an immediate ceasefire. Given President Putin’s refusal to end this senseless war, the Department of the Treasury is imposing sanctions on Russia’s two largest oil companies that fund the Kremlin’s war machine. The Treasury stands ready to take additional action if necessary to support President Trump’s efforts to bring this war to an end. We call on our allies to join us and comply with these sanctions”, — said Secretary of the Treasury Scott Bessent.
