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The Trump administration announced new sanctions on Russia’s oil giants Rosneft and Lukoil, citing what it called Moscow’s lack of serious commitment to a peace process to end the war in Ukraine. Treasury Secretary Scott Bessent urged an immediate ceasefire and said the department is prepared to take further action, encouraging allies to join and adhere to the measures. The Treasury said the sanctions are aimed at damaging the Kremlin’s ability to raise revenue to fund its war.

Prepared by Lauren Mitchell and reviewed by editorial team.