US sanctions Rosneft and Lukoil to press Moscow for ceasefire

The United States announced on October 22 new sanctions targeting Russia's two largest oil companies, Rosneft and Lukoil, as Treasury Secretary Scott Bessent said the measures aim to increase pressure on Moscow and push for an immediate ceasefire in Ukraine. Bessent told reporters the Treasury has designated the firms under existing authorities and said a broader set of additional sanctions could be announced within 24 hours.

The Treasury's Office of Foreign Assets Control designated Rosneft and Lukoil under Executive Order 14024, blocking all property and interests in property in the United States or under the control of U.S. persons. The action extends to subsidiaries and any entities owned 50 percent or more by the designated companies, and U.S. and foreign persons who violate the measures face potential civil or criminal penalties. In a statement, Bessent said Now is the time to stop the killing and for an immediate ceasefire and urged allies to join and adhere to the measures.

The announcement follows weeks of diplomatic activity and a decision by the White House to put a planned summit between President Donald Trump and Russian President Vladimir Putin on hold. Trump, who...