In a sweeping escalation of economic pressure on Russia, the U.S. Department of the Treasury said that it will be imposing full blocking sanctions on its two largest oil companies, Rosneft and Lukoil, citing Moscow’s “lack of serious commitment to a peace process to end the war in Ukraine.” Speaking from the Oval Office on Wednesday, President Donald Trump said, “These are tremendous sanctions, these are very big,” during a meeting with NATO Secretary General Mark Rutte. “We hope that they won't be on for long. We hope that the war will be settled,” he said.