U.S. imposes sanctions on Lukoil and Rosneft

The United States imposed further sanctions on Russian oil companies, the U.S. Department of Treasury said in a press release.

The U.S. Treasury specified that the new restrictions will target Russia's two largest oil companies, Rosneft and Lukoil.

"Rosneft and Lukoil are being designated pursuant to E.O. 14024 for operating or having operated in the energy sector of the Russian Federation economy," the press release reads.

In addition, Rosneft subsidiaries and companies affiliated with Lukoil were designated in the latest U.S. sanctions.

Furthermore, U.S. Secretary of the Treasury Scott Bessent said the U.S. stands ready to introduce more sanctions on Russia as it expects its allies to join it in.

"We encourage our allies to join us in and adhere to these sanctions," Scott Bessent said.