The Big Story 

The Trump administration on Wednesday announced fresh sanctions on major Russian oil companies as efforts to end the war in Ukraine have stalled.

© AP Photo/Evan Vucci, File

The Treasury Department said it was hitting Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company and Lukoil OAO, with sanctions. The move is part of an effort to increase pressure on Moscow to end the war, which began in 2022 when Russian forces invaded Ukraine.

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

“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,” Bessent said. “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.”

Treasury is also sanctioning dozens of subsidiaries of Rosneft and Lukoil.

Read more here, from The Hill’s Brett Samuels.

Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin  — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.

Did someone forward you this newsletter? Subscribe here.

Essential Reads 

How policy will affect the energy and environment sectors now and in the future:

Trump administration sanctions Russian oil companies as peace talks stall

Green groups sue over Trump’s Clean Air Act exemptions for polluters

Trump officials refer Biden-era FEMA staff to DOJ for potential criminal charges

What We’re Reading 

News we’ve flagged from other outlets touching on energy issues, the environment and other topics:

• Climate disasters in first half of 2025 costliest ever on record, research shows (The Guardian)

• ‘They can’t stop me’: Republican bucks Burgum over owl-kill plan (E&E News)

On Tap 

Upcoming news themes and events we’re watching:

What Others are Reading 

Two key stories on The Hill right now:

Live updates: Senate votes on bill to end shutdown, Trump says Putin meeting ‘didn’t feel right’

The Senate on Wednesday evening is voting on the House-passed funding bill to reopen the federal government for the 12th time. Read more

Who’s funding Trump’s $250M ballroom renovation?

President Trump announced plans to build a White House ballroom in July marking the first significant renovation to “the People’s House” in decades. Read more