The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against Russia’s two largest oil companies, Rosneft and Lukoil, due to Russia’s refusal to make serious commitments toward the peaceful resolution of the conflict in Ukraine.
U.S. President Donald Trump had warned for weeks that he would impose penalties against Russia due to the continuation of the war but had not taken significant action until Wednesday. Treasury Secretary Scott Bessent stated that “it is time to stop the carnage and for an immediate ceasefire.” He also commented that the sanctions target Rosneft and Lukoil, which finance the Russian military machine of the Kremlin.
Bessent, speaking earlier to Fox Business, expressed Trump’s disappointment with the course of negotiations with Russian President Putin and the inability to progress on a peaceful resolution to the war in Ukraine after the failure of the summit in Alaska two months ago.
OFAC is also imposing sanctions on many subsidiaries of the two companies, including all entities owned 50%, directly or indirectly, by Rosneft and Lukoil. This decision comes as a reaction to Russia’s refusal to make substantial efforts to halt the war in Ukraine, demonstrating the U.S.’s determination to increase pressure for a peaceful solution in the region. These sanctions are part of the broader international effort to limit the funding of Russian military operations and pressure the Kremlin government to stop the attacks in Ukraine.
EU Also Imposes Sanctions on Russia
Earlier, the European Union also announced that it had reached an agreement for stricter sanctions against Russian hydrocarbons, as part of the 19th package of measures aimed at minimising the resources with which the Kremlin funds the war in Ukraine, as announced by the Danish presidency of the EU this evening.
This package includes a complete halt to imports of Russian liquefied natural gas (LNG) and additional measures against the “shadow fleet” of tankers that Moscow uses to circumvent Western sanctions.
Denmark holds the rotating presidency of the Council of the EU until the end of the year.
(information from protothema.gr)
