The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today a new round of sanctions targeting Russia’s two largest oil companies: Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil). The sanctions cite Russia’s refusal to make meaningful commitments toward a peace process to end the ongoing war in Ukraine. OFAC will also sanction several Russia-based subsidiaries of Rosneft and Lukoil, including any entities directly or indirectly owned 50% or more by the two companies.