Sen. Warren Endorses U.S. Treasury’s Sanctions Targeting Russian Oil Companies

Sen. Warren Endorses U.S. Treasury’s Sanctions Targeting Russian Oil Companies

U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement in response to the U.S. Treasury Department's targeted sanctions against two Russian oil majors.

The Treasury’s Office of Foreign Assets Control (OFAC) announced Wednesday it was imposing further sanctions as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine. 

Wednesday’s actions increase pressure on Russia’s energy sector and degrade the Kremlin’s ability to raise revenue for its war machine and support its weakened economy. The United States will continue to advocate for a peaceful resolution to the war, and a permanent peace depends entirely on Russia’s willingness to negotiate in good faith. Treasury will continue to use its authorities in support of a peace process.

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“Now is the time to stop the killing and for an immediate ceasefire,” said Secretary of the Treasury Scott Bessent.  “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. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”

Further ,the action targets Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO  (Lukoil), which are now designated.  Rosneft is a vertically integrated energy company specializing in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products.  Lukoil engages in the exploration, production, refining, marketing, and distribution of oil and gas in Russia and internationally.

“Treasury has taken an important step today to drive down revenue for the Kremlin’s war machine. After letting pressure fade for nine months without imposing any new Russia sanctions, the Trump Administration must now restart targeted sanctions on evaders in China and globally who will otherwise profit and make it harder to achieve a just peace for Ukraine,” said Senator Warren.

In August, minority staff of the Senate Banking and Foreign Relations Committees – led by Ranking Members Warren and Jeanne Shaheen (D-NH) –  released an investigative report detailing how the Trump Administration is failing to use core economic tools to pressure Putin and degrade Russia’s war machine.