The Trump administration said it is imposing additional sanctions on Russia’s two largest oil companies and is calling on Moscow to agree to an immediate ceasefire in Ukraine.

The U.S. Treasury Department announced Wednesday the sanctions against Russia-based Open Joint Stock Company Rosneft Oil Company and Lukoil OAO — as well. as their subsidiaries — are intended to target the Kremlin’s energy sector and degrade its ability to raise revenue for its war effort.

“Now is the time to stop the killing and for an immediate ceasefire,” Secretary of the Treasury Scott Bessent said in a statement.. “Given President [Vladimir] 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.”

The move comes after President Donald Trump said he was canceling an upcoming meeting with Putin because he didn’t believe it would be successful in solidifying a ceasefire agreement. President Trump, however, did say he plans on meeting with Putin again at some point in the future.

This is a developing news story. Check back for updates.