US Treasury announces sanctions against major Russian oil companies

The agency said this in a press release issued on Wednesday, Ukrinform reports.

"Today [on October 22], the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is imposing further sanctions as a result of Russia's lack of serious commitment to a peace process to end the war in Ukraine," the statement reads.

According to the press release, today's action targets Russia's two largest oil companies – Rosneft and Lukoil – as well as a number of their subsidiaries.

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.