The US has issued a fresh batch of sanctions on Russia after a planned meeting between Donald Trump and Vladimir Putin was cancelled.
Treasury secretary, Scott Bessent has said a new package of sanctions would either be introduced in the next 24 hours as ceasefire talks fail to progress.
“President Putin has not come to the table in an honest and forthright manner, as we’d hoped,” Bessent told Fox News.
The EU has also approved a 19th sanction package which includes a ban on Russian liquefied natural gas imports, the Danish rotating presidency of the EU said on Wednesday.
Russian oil
Two major Russian oil companies, Rosneft and Lukoil, have both been targeted by the US.
“Now is the time to stop the killing and for an immediate ceasefire,” said Bessent. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine.
“The 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.”
Bessent added the US hopes the sanctions will help “degrade” Putin’s war chest.
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The two Russian companies are two of the world’s biggest energy companies.
Together, Rosneft and Lukoil export 3.1 million barrels of oil per day.
Rosneft alone is responsible for six per cent of global oil production and nearly half of all Russian production.
“These are tremendous sanctions,” Trump said. “We hope that they won’t be on for long. We hope that the war will be settled.”
The announcement means Russia’s four largest oil companies have now been hit by sanctions.
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