When the U.S. Treasury slapped sanctions on two of Russia’s largest oil producers on Wednesday, it was a clear sign of Washington’s growing frustration with Russian President Vladimir Putin, who has refused to agree to a 30-day ceasefire in the war with Ukraine or engage in substantive negotiations.

The U.S. Treasury accused Lukoil and Rosneft of helping to “fund the Kremlin’s war machine.” The sanctions triggered a jump in global oil prices and rattled nerves among Russia’s customers.

How significant are the sanctions?

In a media release , the U. S. Treasury levied sanctions against Lukoil and Rosneft, along with more than 30 of their subsidiaries.

Together, the two corporations export more than three million barrels a day, according to the U.K. government, which also sanctio

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