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
Digitization of aviation supply chain an opportunity to ascend out of 1950s
‘Classic impasse’ for Chicago aldermen debating proposed taxes, spending cuts
Texas authorities arrest men for violent crimes after illegally entering as minors
WATCH: Gun ban cases and the Supreme Court; English and CDLs; Don Tracy eyes Senate
Illinois quick hits: Madigan disbarred; taxpayers subsidize medical debt relief
Audit Confirms Utility Losses as Casey Council Approves First Property Tax Hike in Five Years
Reshoring manufacturing will take a more skilled workforce, small manufacturers say
WATCH: Feds take steps to dismantle ED, states respond
Inflation-adjusted teacher salaries drop despite record spending on public education
State officials race clock amid legal changes to gerrymandered maps
Illinois quick hits: CDC’s autism and vaccines website criticized by IDPH
Federal judge orders halt to National Guard deployment in DC
