Editor's note: This is a developing story and is being updated.
The U.S. has imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, in an effort to pressure Moscow into agreeing to a ceasefire, the U.S. Treasury announced on Oct. 22.
The measures are the first sanctions U.S. President Donald Trump has imposed against Moscow as the White House works to broker an end to Russia's war against Ukraine.
"Now is the time to stop the killing and for an immediate ceasefire," Treasury Secretary Scott Bessent said. "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."
Trump met NATO Secretary General Mark Rutte in the White House as the additional measures were announced.
Trump and Russian President Vladimir Putin were previously set to meet in Budapest at an unspecified date, but the White House later announced the summit was no longer needed.
"It didn’t feel like we were going to get to the place we have to get — so I canceled it, but we'll do it in the future," Trump said.
The U.S. sanctions have also been imposed on Rosneft and Lukoil's subsidiaries, as Moscow continues to refuse a ceasefire.
"Those are against their two big oil companies, and we hope that they won’t be on for long. We hope that the war will be settled. We just answered having to do with the various forms of missiles and everything else that we’re looking at," Trump said.
The measures also stipulate that foreign financial institutions that conduct transactions involving Russia’s military-industrial base risk being sanctioned.
Engaging in transactions with sanctioned entities could also result in secondary sanctions, the U.S. Treasury announced.
Ukraine welcomed to move as it continues to fend off Russian attacks on its cities and critical infrastructure.
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