U.S. Treasury Secretary Scott Besant announced the imposition of sanctions on Russia’s two largest oil companies, attributing the move to “President Vladimir Putin’s refusal to end this senseless war” in Ukraine.

Besant stated that the sanctions targeting Rosneft and Lukoil are due to their “funding of the Kremlin’s war machine,” while U.S. President Donald Trump continues efforts to bring an end to the conflict that began with Moscow’s military operation in Ukraine in February 2022.