US announces new Russia sanctions

The US has imposed additional sanctions on Russia, citing its “lack of serious commitment to a peace process.”

The new restrictions target two of Russia’s largest oil companies, Rosneft and Lukoil, US Treasury Department said in a statement on Wednesday.

“Now is the time to stop the killing and for an immediate ceasefire,” Secretary of the Treasury Scott Bessent stressed. “Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”

The restrictions also apply to subsidiaries of Lukoil and Rosneft located in Russia for “operating or having operated in the energy sector of the Russian Federation economy,” the statement reads. The list includes 34 subsidiaries.

According to media reports earlier Wednesday, the European Union has agreed a new sanctions package on Moscow, including a pledge to further reduce imports of gas and oil. The new package will target four companies involved in China’s oil industry that allegedly circumvent western restrictions. The list may also include Indian companies, European Commission President Ursula von der Leyen proposed in September. 

President Donald Trump has increasingly voiced growing frustration with both Russia and Ukraine, warning that Washington could impose new sanctions on Moscow if no peace deal is reached. Still, the White House has refrained from taking such steps, with Trump stressing negotiations over escalation and acknowledging that additional measures may ultimately prove ineffective.

The Kremlin says it remains committed to a long-term solution to the Ukraine conflict and has praised the Trump administration for what it described as a genuine desire to find a peaceful settlement to the conflict, as well as efforts to understand its root causes. Moscow has also accused Kiev and its Western European backers of refusing to negotiate in good faith and seeking to undermine peace efforts in order to prolong the conflict.

During a phone call last week, Trump and his Russian counterpart, Vladimir Putin, agreed to meet in Hungary at an unspecified date to discuss advancing a settlement. Following the conversation, Trump said now is not the best time to impose new sanctions. He told reporters on Tuesday he had not yet “made a determination” regarding the summit, adding that he did not want it to become “a wasted time.”