WASHINGTON 

The US imposed new sanctions Wednesday on Russia’s two largest oil companies, Rosneft and Lukoil, citing Moscow’s “lack of serious commitment” to a peace process to end the war in Ukraine.

The Treasury Department said in a statement that the measures target Russia’s energy sector to “degrade the Kremlin’s ability to raise revenue for its war machine” and “support its weakened economy.”

“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent in the statement.

“Given (Russian) President (Vladimir) 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 (US) President (Donald) Trump’s effort to end yet another war.”

The announcement came just one day after a White House official confirmed that a second planned meeting between Trump and Putin was put on hold.

Trump said on Oct. 16 that the meeting would take place within two weeks, and while the cause for the about-face was not immediately known, it came in the wake of the Kremlin's rejection of an immediate ceasefire in Ukraine sought by the US president.