U.S. Treasury Secretary Scott Bessent confirmed on Tuesday (9 December) that he had discussed U.S. sanctions on Russian oil giants Lukoil and Rosneft with Ukrainian Prime Minister Yulia Svyrydenko.
Bessent, in a post on X (formerly Twitter), emphasised that the conversation also highlighted President Donald Trump’s commitment to securing lasting peace in Ukraine, alongside the ongoing efforts by the U.S. government to exert pressure on Russia through economic measures.
“During our meeting, I highlighted President Trump’s commitment to securing a lasting peace in Ukraine and discussed Treasury’s sanctions on Russia’s top oil giants, Lukoil and Rosneft,” Bessent wrote.
The sanctions against these Russian oil companies have been part of the broader U.S. strategy to target Russia’s economy in response to its actions in Ukraine.
By restricting the operations of major Russian oil firms such as Lukoil and Rosneft, the U.S. aims to undermine Russia’s ability to fund its military operations and to exert diplomatic pressure in the region.
The U.S. and its allies say they remain focused on leveraging economic tools to strengthen the sanctions against Russia while supporting Ukraine in its defence efforts.
Meanwhile Russian President Vladimir Putin issued a decree on Monday (8 December) clearing potential deals with Rosneft and Shell's joint-venture stake in the Caspian Pipeline Consortium (CPC), which exports oil mainly from Kazakhstan.
The decree said it allowed the deals, which may result in changes of ownership, in the CPC by the Rosneft-Shell Caspian Ventures Limited. It did not elaborate.
The venture has a 7.5% stake in the CPC, in which other international majors, such as Chevron and Eni, as well as Russia's second-largest oil producer, Lukoil also have shares.
The United States imposed sanctions against Rosneft and Lukoil in October over Russia's war in Ukraine, forcing Lukoil to declare the sale of its foreign assets.
Rosneft has not announced any actions in relation to the sanctions.
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