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The Treasury Department under President Donald Trump sanctioned Russia’s two largest oil producers, Rosneft and Lukoil, on Tuesday escalating pressure on the Kremlin to end its war in Ukraine. Treasury Secretary Scott Bessent said the move targets the oil companies that "fund the Kremlin's war machine" and called on Moscow to agree to an "immediate ceasefire." "Now is the time to stop the killing and for an immediate ceasefire," said Secretary of the Treasury Scott 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. 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." TRUMP DEMANDS NATO ALLIES HALT RUSSIAN OIL PURCHASES BEFORE NEW US SANCTIONS The sanctions block dozens of subsidiaries tied to both energy giants and signal a broader push to isolate Russia’s economy. Officials say more action could follow if Russia continues to refuse peace talks. The sanctions authority, Executive Order 14024, was used to justify the move. U.S. allies were encouraged to follow suit, and all assets under American jurisdiction are now frozen. GET FOX BUSINESS ON THE GO The White House did not immediately respond to FOX Business' request for comment.
