US imposes sanctions on Russian oil giants
Scott Bessent (Photo: Shawn Thew/EPA)

On October 22, the United States imposed sanctions on major Russian oil companies and called on Moscow to immediately agree to a ceasefire. About reported the US Treasury Department.

Additional sanctions were imposed because of Russia's lack of serious commitment to the peace process to end the war. These actions by the United States are increasing pressure on Russia's energy sector and impairing the Kremlin's ability to generate revenue for its war machine and support its weakened economy.

The United States will continue to support a peaceful resolution of the war, and a lasting peace depends entirely on Russia's willingness to negotiate. The Treasury Department will continue to use its authority to support the peace process, the statement said.

U.S. Secretary of the Treasury Scott Bessent said that now is the time to stop the killing and declare a ceasefire. He added that the sanctions were imposed in response to the Russian dictator's refusal to Vladimir Putin to stop the hostilities.

The two largest Russian oil companies, Rosneft and Lukoil, were sanctioned. Restrictions were also imposed on a number of subsidiaries of the Russian oil giants.

President of the United States Donald Trump published a list of Russian oil companies that have been sanctioned by the United States. The list includes 36 organizations in total.

REFERENCE

Lukoil is one of the largest private oil companies in Russia, founded in 1991. The company is engaged in the exploration, production, refining and sale of oil, gas and petroleum products in dozens of countries. Its head office is located in Moscow, and its management is traditionally associated with Russian political and business structures. Lukoil owns large refineries and a network of gas stations in Russia and abroad. After the outbreak of a full-scale war against Ukraine, the company was sanctioned by a number of Western countries.

Rosneft is the largest state-owned oil company in Russia, founded in 1993 on the basis of state-owned oil assets. The company is engaged in a full cycle of operations, from oil and gas exploration and production to refining and sales of petroleum products. The company is headquartered in Moscow and is majority owned by the Russian government. Rosneft has numerous fields in Siberia, the Far East and the Arctic, and cooperates with foreign partners.

  • On October 22, Bessent announced a "significant strengthening" of the sanctions against Russia. The White House said they would not be directed against China.