US sanctions on Rosneft , Lukoil slash Russian Oil revenues, Treasury says

The U.S. Treasury said on Monday that U.S. sanctions against Russian oil majors Rosneft and Lukoil are already reducing Russian oil revenues and are likely to reduce the quantity of Russian oil sold in the long term.

The Treasury’s Office of Foreign Assets Control said in a statement that its analysis of the initial market impact of the sanctions announced on October 22 showed they “are having their intended effect of dampening Russian revenues by lowering the price of Russian oil and therefore the country’s ability to fund its war effort against Ukraine.”