The Trump administration said it is imposing additional sanctions on Russia's two largest oil companies and is calling on Moscow to agree to an immediate ceasefire in Ukraine.

The U.S. Treasury Department announced Wednesday the sanctions against Russia-based Open Joint Stock Company Rosneft Oil Company and Lukoil OAO as well as their subsidiaries are intended to target the Kremlin's energy sector and degrade its ability to raise revenue for its war effort.

"Now is the time to stop the killing and for an immediate ceasefire, Secretary of the Treasury Scott Bessent said in a statement. Given President [Vladimir] Putins refusal to end this senseless war, Treasury is sanctioning Russias two largest oil companies that fund the Kremlins war machine. Treasury is prepared to take further action

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