"Now is the time to stop the killing and for an immediate ceasefire," Treasury Secretary Scott Bessent said. "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.

Major Chinese state oil companies have reportedly stopped imports of Russian crude oil in response to US sanctions. But Beijing has its own playbook to follow as it navigates the latest energy sanctions.

The Treasury Department announced the additional U.S. sanctions on Russia, targeting the oil companies Rosneft and Lukoil. Secretary Scott Bessent told reporter earlier that the sanctions would be announced.