United States Imposes New Sanctions On Russian Energy Companies

The Trump administration has imposed new sanctions on Russia. The move is part of an effort by the U.S. government to increase pressure on Russian President Vladimir Putin to end the war in Ukraine that he began in 2022.

The sanctions target Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil). As a U.S. Department of the Treasury press release explained, Rosneft is a vertically integrated energy company specializing in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. Lukoil engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally. The Treasury Department also imposed sanctions on number of Russia-based Rosneft and Lukoil subsidiaries, a list of which is at the link to the press release.

These sanctions may not be the last that the United States has in store for Russian entities. “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,” said Treasury Secretary Scott Bessent. “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.”