The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) slammed Russia with new sanctions against its two major oil companies Wednesday, amid stalled peace talks.
With Russia and Ukraine still in an ongoing war, President Donald Trump and his administration have made ample effortto bring peace between the two since January. However, as peace talks have continued without a secure deal being agreed upon, the Treasury Department released a press statement revealing that the OFAC is “imposing further sanctions as a result of Russia’s lack of serious commitment to a peace process” with Ukraine.
“Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine.”
“Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions,” Bessent added.
According to the press release, the OFAC will target both Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), designating them “for operating or having operated in the energy sector of the Russian Federation economy.”
“Additionally, OFAC is designating a number of Russia-based Rosneft and Lukoil subsidiaries, a list of which is available in Annex 1 below. All entities owned 50 percent or more, directly or indirectly, by Rosneft and Lukoil are blocked pursuant to E.O. 14024, even if not designated by OFAC,” the press release added.
The decision from OFAC comes after Ukrainian President Volodymyr Zelenskyy met with President Donald Trump on Friday at the White House. During his visit, Zelenskyy told reporters that they would be open to making a trade with the United States, with Trump stating he would rather have the war end than send over tomahawk missiles to the country.
Prior to their meeting, Trump had spoken over the phone with Russian President Vladimir Putin about the ongoing conflict. On Tuesday, the president announced that he has “no plans” to meet with Putin, despite initially stating on Thursday he was poised to meet with Putin at a summit in Budapest.
During an interview with Fox News on Oct. 9, Bessent called out both China and India for aiding Russia amid the war through high purchases of Russian oil.
“They’re keeping the war going, but, as I said, it’s my strong belief that India is going to start rebalancing over the next few weeks and months, and we will see a diminishment of Russian oil in favor of U.S. oil,” Bessent said at the time.
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