(CNN) — The Trump administration on Wednesday imposed sanctions on Russia’s two largest oil companies as it called on Moscow to agree to an immediate ceasefire in the war with Ukraine.

President Donald Trump had for weeks signaled he could impose penalties against Russia for its continuation of the war but had failed to take major punitive measures until Wednesday.

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

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