U.S. Treasury sanctions Russian oil companies

Sanctions target Russia’s two largest oil companies

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october 23, 2025

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on October 22, 2025, imposed further sanctions targeting Russia's energy sector “as a result of Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”

According to the Treasury release, the sanctions target Russia’s two largest oil companies, designating them pursuant to Executive Order 14024 for operating or having operated in the energy sector of the Russian economy.

The sanctions block all property and interests in property of the designated entities within the United States or under the control of U.S. persons. Additionally, entities owned 50% or more by the two oil companies are also blocked. The sanctions prohibit U.S. persons from engaging in transactions involving these entities unless authorized by OFAC.

Read the related OFAC release with details on the Russia-related designations and General Licenses.

For more information, contact a professional with KPMG Trade & Customs services:

Andrew Siciliano
Partner, U.S. & Global Practice Leader

E: asiciliano@kpmg.com

Doug Zuvich
Partner

E: dzuvich@kpmg.com

Irina Vaysfeld
Principal

E: ivaysfeld@kpmg.com

John L. McLoughlin
Principal

E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal

E: labad@kpmg.com

George Zaharatos
Principal

E: gzaharatos@kpmg.com

Christopher Young
Principal

E: christopheryoung@kpmg.com

Amie Ahanchian
Principal

E: aahanchian@kpmg.com

Gisele Belotto
Principal

E: gbelotto@kpmg.com

Steve Brotherton
Principal

E: sbrotherton@kpmg.com

Jessica Libby
Principal

E: jlibby@kpmg.com

Dawn Olesky
Principal

E: dolesky@pmg.com

Frances Xing
Principal

E: francesxing@kpmg.com

 

 

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