The sanctions were announced after President Donald Trump accused Russian President Vladimir Putin of refusing to seriously pursue an end to the war in Ukraine. Treasury Secretary Scott Bessent said at the time that the two companies helped fund the Kremlin’s war machine. The measures bar US companies from doing business with the Russian energy giants and expose non-US firms to possible secondary sanctions. Lukoil’s foreign portfolio, including oilfields, refineries and fuel stations, has been valued at around $22 billion. Any sale will still require approval from the Treasury Department’s Office of Foreign Assets Control.
