In response to Russia's lack of serious commitment to a peace process to end the war in Ukraine, the United States has imposed sanctions on two major Russian oil companies.
The U.S. Department of the Treasury's Office of Foreign Assets Control said it is targeting Russia's two largest oil companies - Open Joint Stock Company Rosneft Oil Company and Lukoil OAO - to increase pressure on Russia's energy sector and degrade the Kremlin's ability to raise revenue for its war machine and support its weakened economy.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.