US Hits Russia with Tough Sanctions on Major Oil Companies

The United States has taken a significant step to increase pressure on Russia to stop the war against Ukraine, which could deal a blow to Russia. The US has imposed strict sanctions on major Russian oil companies.

All efforts by the President of the United States of America, Donald Trump, to stop the Russia-Ukraine War have been unsuccessful. For this reason, he has also postponed his upcoming meeting with the President of Russia, Vladimir Putin, in Budapest, the capital of Hungary, as he does not expect any benefit from the meeting. Now, the United States has taken a major step to increase pressure on Russia.

US Imposes Strict Sanctions on Major Russian Oil Companies

The administration of US President Trump announced on Wednesday that strict sanctions would be imposed on two major Russian oil companies, Rosneft and Lukoil. This move has been taken to increase pressure on Russia to end the Ukraine war. The Office of Foreign Assets Control of the US Department of the Treasury has blacklisted these companies and their several subsidiary units.

A Blow to Russia

This decision by the United States could be a blow to Russia. The two Russian oil companies on which the US has imposed strict sanctions are Russia's two largest oil companies, which not only support Russia's economy but also fund the war. In such a situation, the US wants to stop Russia's funding for the war by imposing sanctions on these two oil companies, thereby creating pressure for a ceasefire.