U.S. imposes first new sanctions on Russia under Trump administration

The United States has imposed new sanctions on Russia for the first time under President Donald Trump, targeting state oil giant Rosneft and private producer Lukoil, the Treasury Department said.

The U.S. Office of Foreign Assets Control (OFAC) announced additional restrictions citing Russia’s “lack of serious commitment to the peace process.”

“These sanctions target two of Russia’s largest oil companies – Rosneft Oil Company and Lukoil Oil Company,” the Treasury said.

Treasury Secretary Scott Bessent accused the firms of “financing the Kremlin’s war machine” and said Washington was ready to take further measures “to support President Trump’s efforts to end the conflict.”

The sanctions also apply to 34 subsidiaries of Rosneft and Lukoil operating in Russia, and block entities owned 50% or more, directly or indirectly, by the designated companies.

The Treasury called on U.S. allies to “join and uphold these sanctions” and urged Moscow to “agree immediately to a ceasefire.”