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US President Donald Trump on Wednesday imposed sanctions on Russia’s two largest oil companies for funding “Kremlin’s war machine".

According to a statement by the Treasury Department, the sanctions have been imposed on Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil).

“The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing further sanctions as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine. Today’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy," it stated.

It said: “Rosneft is a vertically integrated energy com

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