The Trump administration will impose new sanctions on Russia in a bid to pressure Moscow to end the Ukraine war, Treasury Secretary Scott Bessent said Wednesday.

“Now is the time to stop the killing and for an immediate cease-fire,” Bessent said on X. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”

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According to a Department of the Treasury press release, the sanctions target Rosneft and Lukoil, along with several of their Russian-based subsidiaries.

The statement added that “foreign financial institutions that conduct or facilitate significant transactions or provide any service involving Russia’s military-industrial base … run the risk of being sanctioned by OFAC,” referring to the Office of Foreign Assets Control.

The move underscores the administration’s renewed pressure on Moscow as an announced meeting in Budapest between President Donald Trump and Putin has been indefinitely postponed. However, Trump on Wednesday dismissed reports suggesting Washington had authorized the use of long-range missiles inside Russia, writing, “The Wall Street Journal story on the U.S.A.’s approval of Ukraine being allowed to use long range missiles deep into Russia is FAKE NEWS!”