PANews reported on October 23rd that according to a statement on Wednesday, the US Treasury Department blacklisted Russian state-owned oil giants Rosneft and Lukoil due to "Russia's lack of a serious commitment to end the conflict." The US Treasury also sanctioned a series of subsidiaries of the two companies in Russia, freezing all entities in which the two companies directly or indirectly hold a 50% or greater stake. According to agency estimates, the two companies together accounted for nearly half of the country's total crude oil exports, approximately 2.2 million barrels per day in the first half of this year. Taxes from the oil and gas industry account for approximately a quarter of Russia's federal budget. The US Treasury statement said the move would undermine Russia's ability to raise revenue for its conflict. Bessant said the Treasury Department is prepared to take further action if necessary.

US President Trump said he did not think it was "appropriate" to meet with Russian President Vladimir Putin and canceled his meeting with Putin in Budapest. Trump said he thought it was time to impose sanctions on Russia and he hoped the sanctions would not last too long.