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The U.S. Treasury Department on Wednesday levied sanctions<\/a> against Russia\u2019s two largest oil companies in what the agency framed as a response to Russia\u2019s failure to commit to a peace process in Ukraine.<\/p>\n \u201cGiven President [Vladimir] Putin\u2019s refusal to end this senseless war, Treasury is sanctioning Russia\u2019s two largest oil companies that fund the Kremlin\u2019s war machine,\u201d Treasury Secretary Scott Bessent said in a statement. \u201cNow is the time to stop the killing and for an immediate ceasefire.\u201d<\/p>\n<\/p><\/div>\n The U.S. Treasury Department on Wednesday levied sanctions<\/a> against Russia\u2019s two largest oil companies in what the agency framed as a response to Russia\u2019s failure to commit to a peace process in Ukraine.<\/p>\n \u201cGiven President [Vladimir] Putin\u2019s refusal to end this senseless war, Treasury is sanctioning Russia\u2019s two largest oil companies that fund the Kremlin\u2019s war machine,\u201d Treasury Secretary Scott Bessent said in a statement. \u201cNow is the time to stop the killing and for an immediate ceasefire.\u201d<\/p>\n The sanctions affect Lukoil and Rosneft. The two companies together are responsible for almost half<\/a> of Russia\u2019s crude oil exports, which are a key source of revenue for the Russian government. The United Kingdom issued sanctions against the two companies last week<\/a>.<\/p>\n Bessent\u2019s statement left open the possibility that the United States would issue further sanctions: \u201cTreasury is prepared to take further action if necessary to support President Trump\u2019s effort to end yet another war.\u201d<\/p>\n The move follows the United States decision to cancel plans for a Ukraine peace summit with Russia in Budapest, which U.S. President Donald Trump had previously announced.<\/p>\n The plans collapsed amid reports<\/a> that Russia had not altered its negotiating position and after Russian Foreign Minister Sergey Lavrov rejected a cease-fire that would freeze the conflict on its current battlelines, which Trump supports.<\/p>\n<\/p><\/div>\n This post is part of FP\u2019s ongoing coverage of the Trump administration<\/i>. <\/i>Follow along here<\/a>.<\/em><\/p>\n<\/p><\/div>\n<\/p><\/div>\n