Treasury sanctions Russian oil companies, calls for ceasefire
The U.S. Treasury Department announced sanctions against two Russian oil companies on Wednesday.
The department cited Russia’s “lack of serious commitment” to ending the war in Ukraine, according to a news release.
“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said. “Treasury is prepared to take further action if necessary to support President Trump’s efforts to end yet another war.”
The U.S. is targeting Open Joint Stock Company Rosneft Oil Company and Lukoil OAO in its sanction efforts, as well as 34 subsidiaries of the two oil companies.
The sanctions prohibit transactions for individuals or organizations within the United States between the Russian oil companies or their subsidiaries.
Over the summer, Trump levied tariffs against India, a Russian ally, over the nation’s purchase of Russian energy and oil. Trump cited the war in Ukraine as his reason for targeting India.
“The ultimate goal of sanctions is not to punish but to bring about a positive change in behavior,” the Treasury Department press release reads.
Mostly Sunny
Latest News Stories
Green Garden Solar Farm Approved in Split Vote; Battery Storage Component Rejected
Chicago mayor to push for local funding, keeping Bears
Senate Republicans unveil $72 billion budget package to fund ICE, CBP
Illinois AI regulations have mild industry support, could draw federal ire
DOJ files complaint to block Minnesota climate lawsuit
Hegseth: Ceasefire holds despite Iranian aggression
Illinois Quick Hits: Mayors to visit capitol urge protection of local funding
Despite tax revolt, Lower Merion keeps administrator pay high
Supreme Court allows Louisiana to immediately move on drawing new map
After Fifth Circuit ruling on TX border security law, ACLU sues to stop it from going into effect
Colorado legislators back psychedelic drug research
Trump tells small business owners tariffs ‘aren’t high enough’
