The Trump administration has announced sanctions on two of Russia's biggest oil producers on Wednesday, after resistance for months, as part of a push to get Russian President Vladimir Putin to end the war in Ukraine, which has now entered its fourth year.

Rosneft PJSC and Lukoil PJSC have been blacklisted by the US Treasury Department due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine,” as per an official White House statement.

Both these companies jointly account for nearly half of Russia's crude oil exports, as per Bloomberg estimates. The industry in itself, accounts for around a quarter of the country's budget.

“I just felt it was time,” Trump said in a meeting with NATO Secretary General Mark Rutte in the Oval Office. He said he hoped “they wo

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