US Targets Rosneft, Lukoil With Expanded Sanctions

The U.S. announced a substantial expansion of sanctions, designating state energy giants Rosneft and Lukoil and dozens of their subsidiaries to degrade Moscow’s energy revenues and pressure President Vladimir Putin to agree to a ceasefire. Treasury Secretary Scott Bessent framed the measures as necessary after stalled diplomacy and urged allies to join the effort, and President Trump said the steps aim to push for an end to the war. The move followed the White House shelving a planned summit in Budapest after talks produced little progress, and officials signaled further steps could follow if needed. Concurrent developments include the Senate Foreign Relations Committee backing a bill to permit use of frozen Russian sovereign assets to aid Ukraine and the EU preparing a sanctions package that would phase in a ban on Russian LNG. Analysts warned the measures’ effectiveness will hinge on whether major buyers like China and India curb Russian oil purchases, and the announcement came amid continued fighting in Ukraine, including recent Russian strikes that caused civilian casualties.