The United State Treasury Department in a bid to force Moscow into ceasefire deal, on Wednesday sanctioned Russia’s largest oil companies, Rosneft and Lukoil, to cut off revenue funding the war in Ukraine

Treasury Secretary Scott Bessent while calling for cesefire in a statement wrote: “Now is the time to stop the killing and for an immediate ceasefire. 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.

“Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”

The measures, coordinated with the EU’s ban on Russian LNG imports, caused crude oil prices to rise over 3% and disrupted supplies to Indian refiners.

President Trump canceled a planned summit with Vladimir Putin and met with NATO Secretary General Mark Rutte to discuss Ukraine aid, while denying reports of eased restrictions on long-range missiles for Kyiv.