US announces new sanctions against Russia’s two biggest oil companies

A Lukoil sign is seen at Abu Dhabi International Progressive Energy Congress (ADIPEC), in Abu Dhabi, United Arab Emirates. (Reuters/File)
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Updated 23 October 2025
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US announces new sanctions against Russia’s two biggest oil companies

  • The sanctions against Rosneft and Lukoil, as well as dozens of subsidiaries, followed months of bipartisan pressure on President Donald Trump to hit Russia with harder sanctions on its oil industry

WASHINGTON: Treasury Secretary Scott Bessent announced new sanctions Wednesday against Russia’s two biggest oil companies and blasted Moscow’s refusal to end its “senseless war” as US-led efforts to end the war floundered and the Ukrainian president sought more foreign military help.
The sanctions against Rosneft and Lukoil, as well as dozens of subsidiaries, followed months of bipartisan pressure on President Donald Trump to hit Russia with harder sanctions on its oil industry.
“Now is the time to stop the killing and for an immediate ceasefire,” Bessent said in a statement. Given Russian President Vladimir 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 the Treasury Department was prepared to take further action if necessary to support Trump’s effort to end the war. “We encourage our allies to join us in and adhere to these sanctions.”
Bessent made the comments as NATO Secretary General Mark Rutte was in Washington for talks with Trump. The military alliance has been coordinating deliveries of weapons to Ukraine, many of them purchased from the United States by Canada and European countries.
The announcement came after Russian drones and missiles blasted sites across Ukraine, killing at least six people, including a woman and her two young daughters.
The attack came in waves from Tuesday night into Wednesday and targeted at least eight Ukrainian cities, as well as a village in the region of the capital, Kyiv, where a strike set fire to a house in which the mother and her 6-month-old and 12-year-old daughters were staying, regional head Mykola Kalashnyk said.
At least 29 people, including five children, were wounded in Kyiv, which appeared to be the main target, authorities said.
Russian drones also hit a kindergarten in Kharkiv, Ukraine’s second-largest city, later Wednesday when children were in the building, Mayor Ihor Terekhov said. One person was killed and six were hurt, but no children were physically harmed, he said.
Ukrainian President Volodymyr Zelensky said many of the children were in shock. He said the attack targeted 10 separate regions: Kyiv, Odesa, Chernihiv, Dnipropetrovsk, Kirovohrad, Poltava, Vinnytsia, Zaporizhzhia, Cherkasy and Sumy.
Russia fired 405 strike and decoy drones and 28 missiles, mainly targeting Kyiv, Ukraine’s air force said.
Peace efforts stall
Trump’s efforts to end the war that started with Russia’s all-out invasion of its neighbor more than three years ago have failed to gain traction. Trump has repeatedly expressed frustration with Russian President Vladimir Putin’s refusal to budge from his conditions for a settlement after Ukraine offered a ceasefire and direct peace talks.
Trump said Tuesday that his plan for a swift meeting with Putin was on hold because he didn’t want it to be a “waste of time.” European leaders accused Putin of stalling.
Zelensky said Wednesday that Trump’s proposal to freeze the conflict where it stands on the front line “was a good compromise” — a step that could pave the way for negotiations.
Kremlin spokesman Dmitry Peskov said the planned summit requires careful preparation, suggesting that laying the groundwork could be protracted. “No one wants to waste time: neither President Trump nor President Putin,” he said.
In what appeared to be a public reminder of Russian atomic arsenals, Putin on Wednesday directed drills of the country’s strategic nuclear forces.
Zelensky urged the European Union, the United States and the Group of Seven industrialized nations to force Russia to the negotiating table. Pressure can be applied on Moscow “only through sanctions, long-range (missile) capabilities and coordinated diplomacy among all our partners,” he said.
More international economic sanctions on Russia are likely to be discussed Thursday at an EU summit in Brussels. On Friday, a meeting of the Coalition of the Willing — a group of 35 countries that support Ukraine — is to take place in London.
Zelensky credited Trump’s remarks that he was considering supplying Tomahawk missiles to Ukraine for Putin’s willingness to meet. The American president later said he was wary of tapping into the US supply of Tomahawks over concerns about available stocks.
Russia has not made significant progress on the battlefield, where a war of attrition has taken a high toll on Russian infantry and Ukraine is short of manpower, military analysts say. Both sides have invested in long-range strike capabilities to hit rear areas.
Ukraine says it hit key Russian chemical plant
The Ukrainian army’s general staff said its forces struck a chemical plant Tuesday night in Russia’s Bryansk region using British-made air-launched Storm Shadow missiles. The plant is an important part of the Russian military and industrial complex, producing gunpowder, explosives, missile fuel and ammunition, it said.
Russian officials in the region confirmed an attack but did not mention the plant.
Ukraine also claimed overnight strikes on the Saransk mechanical plant in Mordovia, Russia, which produces components for ammunition and mines, and the Makhachkala oil refinery in the Dagestan republic of Russia.
The Russian Defense Ministry said its air defenses downed 33 Ukrainian drones over several regions overnight, including the area around St. Petersburg. Eight airports temporarily suspended flights because of the attacks.
In other developments, Zelensky arrived Wednesday in Oslo, Norway, and after that flew to Stockholm, where he and Swedish Prime Minister Ulf Kristersson signed an agreement exploring the possibility of Ukraine buying up to 150 Swedish-made Gripen fighter jets over the next decade or more. Ukraine has already received American-made F-16s and French Mirages.
Russia’s long barrage
Moscow’s overnight attack also targeted energy infrastructure and caused rolling blackouts, officials said. Russia has been trying to cripple the country’s power grid before winter sets in.
“We heard a loud explosion and then the glass started to shatter, and then everything was caught up in a burst of fire. The embers were everywhere,” Olena Biriukova, who lives in a Kyiv apartment building, told The Associated Press.
“It was very scary for kids,” she said.
Two people were found dead in the Dnipro district of the Ukrainian capital, where emergency services rescued 10 people after a fire caused by drone debris hit the sixth floor of a 16-story residential building, local authorities said.
And in Kyiv’s Darnytskyi district, emergency services responded after drone debris hit a 17-story apartment block, causing a fire on five floors. Fifteen people were rescued, including two children.


Tarique Rahman takes oath as Bangladesh’s PM after landslide election win

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Tarique Rahman takes oath as Bangladesh’s PM after landslide election win

  • 49 members of new cabinet, including ministers and state ministers, have also been sworn in
  • Experts say restoring law and order will be the new government’s main immediate task

DHAKA: Bangladesh Nationalist Party Chairman Tarique Rahman took the oath as prime minister on Tuesday, days after his party secured more than a two-thirds majority in the first vote since a student-led uprising expelled former Premier Sheikh Hasina.

The son of former Prime Minister Khaleda Zia and former President Ziaur Rahman — the BNP’s founder — Rahman returned to Bangladesh in late December after nearly two decades of self-imposed exile.

He led his party to a landslide victory last week, winning an absolute majority with 209 seats in the 300-seat parliament, followed by the Jamaat-e-Islami party, which won 68 seats.

The swearing-in ceremony was held publicly for the first time, under the open sky at the south plaza of the national parliament building.

Rahman’s administration takes over from an interim government led by Nobel laureate Muhammad Yunus who during the 18 months after Hasina’s ouster in August 2024, prepared the country for reform and the next election.

One of the most immediate tasks expected of the new leadership of the country of 170 million is the restoration of law and order — an area in which the caretaker cabinet faced widespread criticism.

A crisis that swept through the police force, which was implicated in the deadly crackdown on the July to August 2024 protests, has left law enforcement significantly weakened and some of its tasks were taken over by the military.

“The law-and-order situation during the interim’s period became very volatile ... The government will have to immediately step in to stop mobocracy,” said Dr. Zahed Ur Rahman, a Dhaka-based political commentator.

“The government must think about withdrawing the military from the streets because they’ve been there for one and a half years, and the military chief repeatedly said that it is having some impact on their professionalism. The regular police should take charge fully.”

In the long-term, the new government will have to focus on reviving the economy.

Under the interim administration the country has recorded little foreign or domestic investment — a situation expected as an elected government will mean more stability to potential investors, Rahman said, warning that the process will also require better energy security.

“We do not have good energy security. Supplying energy at a cheap or affordable price will be tough because this sector suffered rampant corruption during Sheikh Hasina’s regime.

“When investment increases, energy consumption or demand increases. So, it will be a severe problem to manage the power supply,” he told Arab News.

As the BNP leader took the oath of office, he appointed 24 ministers and 25 state ministers, with former commerce minister Amir Khasru Mahmud Chowdhury taking the finance and planning portfolio, former attorney general Md. Asaduzzaman as law minister, and former state minister of power, Ikbal Hasan Mahmud Tuku, at the helm of the Ministry of Power, Energy and Mineral Resources.

The appointment of the foreign minister is still pending.

The new government’s foreign policy will have to address the influence of key players — the US, China, and India, a neighbor that was Bangladesh’s main partner during the 15-year rule of Hasina’s Awami League and with whom Dhaka has been at loggerheads since the former leader fled to New Delhi following her ouster.

Since 2024, India has suspended key transshipment access that allowed Bangladeshi exports to go via Indian ports and airports. It also put on hold most normal visa services for Bangladeshis, who were among its largest groups of medical tourists.

Bangladesh needs to revive the relationship as the “next priority” after restoring law and order, according to Mohiuddin Ahmad, a political historiographer.

“The revival of a good relationship with India will increase people-to-people contact, bilateral trade and commerce, and so on,” he said.

“The next priority should be the normalization of the relationship with India. We need such a relationship with India, which will promote all the elements of a good neighborhood.”