The Treasury Department said new economic penalties will target Russia’s two largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.

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.

Oil prices are down 20% this year, so oil-service companies are turning to a side gig: powering data centers. It isn’t clear if that pivot will lead to success, but it is at least a distraction from the problems in their main operations.

Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s bruta

By Andrew Osborn, Jeff Mason and Timothy Gardner MOSCOW (Reuters) -Russian President Vladimir Putin remained defiant on Thursday after U.S. President Donald Trump hit Russia's two biggest oil companies with sanctions to pressure the Kremlin leader to end the war in Ukraine,

U.S. President Donald Trump has done a turnaround on sanctions against Russia, taking aim at Russia’s two biggest oil companies and the billions of dollars they reap for Moscow’s war against Ukraine

Donald Trump hit Russia with a new raft of sanctions targeting major oil companies on Wednesday in an apparent effort to strong-arm the Kremlin into sitting down for peace talks over Ukraine.

Treasury Secretary Scott Bessent has announced new sanctions against Russia's two biggest oil companies and blasted Moscow's refusal to end its "senseless war."

Trump said Oct. 22 that the sanctions "certainly will have an impact" on Russia and that he hopes Putin will "become reasonable."

MOSCOW/KYIV/WASHINGTON (Reuters) -The United States hit Russia's major oil companies with sanctions on Wednesday and accused the Russians of a lack of commitment toward ending the war in Ukraine, as Moscow conducted a major training exercise involving nuclear arms.

Some oil stocks are holding up better, however. Exxon Mobil has risen 6.3% this year and Chevron is up 5.6%. They have the benefit of operating in several businesses outside of just oil production, from refining to natural gas processing. More production-focused names have done worse. EOG, for instance, is down 15% this year.