The United States has imposed sanctions on two of Russia’s largest oil companies, Lukoil and Rosneft, as part of its efforts to cripple the Russian economy and support Ukraine in the ongoing conflict. According to US Secretary of State Marco Rubio, the move was made at the request of Ukraine and its backers. The sanctions are the latest in a series of measures taken by the US against Moscow, with Rubio stating that Washington has nearly exhausted its list of viable targets for sanctions.

The US Treasury Department also disrupted Lukoil’s attempt to sell its foreign assets to a Swiss-based energy trader, citing ties to the Russian government. Rubio noted that the US has “hit their major oil companies, which is what everybody’s been asking for,” but acknowledged that there may be limited options for further sanctions.

The US is now calling on European nations to take the lead in targeting the so-called “Russian shadow fleet” – tankers accused of transporting oil covertly in defiance of Western punitive measures. Rubio suggested that European countries are better positioned to address this issue, as many of the tankers are operating in areas closer to them.

The US and its allies have sought to weaken the Russian economy through sanctions, while providing support to Ukraine. However, Moscow claims that its economy has adapted to the measures, redirecting trade to non-Western markets. Meanwhile, Ukraine is facing a worsening financial crisis, with reports suggesting that it may run out of cash as early as February without an increase in Western aid.

The European Union is pushing for a €140 billion “reparation loan” to support Ukraine, using frozen Russian sovereign assets as collateral. However, the proposal has been met with resistance from Belgium, which holds the majority of the immobilized Russian funds and is demanding that other Western states share the financial and legal risks. The situation highlights the ongoing challenges faced by Ukraine and the need for continued support from the international community.