London [UK], October 23 (ANI): United Kingdom's Prime Minister Keri Starmer on Wednesday (local time) welcomed the United States joining the UK in imposing 'substantial sanctions' on two major oil companies of Russia, namely Rosneft and Lukoil, and called for a stop to the bloodshed in the Russia-Ukraine war.

The UK, on October 16, announced around 90 new sanctions on the Russian oil sector in an effort to put pressure on the country to stop the Ukraine war. A week later, on October 23, the United States announced sanctions on two of Russia's biggest oil companies.

'Last week, the UK sanctioned Russia's two largest oil companies that fund Putin's war machine. I'm pleased the US has now joined us with substantial sanctions on the same two oil companies,' PM Starmer posted on X.

Calling for Russian President Putin to 'pay the price' for his 'needless aggression, the UK PM called an end to the bloodshed.

'Putin must pay the price for his needless aggression. The killing must end now,' the post read.

Earlier, US President Donald Trump announced new sanctions targeting Russia's two largest oil companies, Rosneft and Lukoil, in a bid to pressure Moscow to end the war in Ukraine.

The move comes after months of stalled diplomacy and growing frustration with Russian President Vladimir Putin's actions.

'Today is a very big day. Look, these are tremendous sanctions. These are very big. Those are against their two big oil companies... We hope that the war will be settled. We just answered questions related to the various forms of missiles and everything else we're examining. However, we don't think that will be necessary. We would like to see them just take the line that has been formed over quite a long period of time and go home,' President Trump said during an interaction with journalists at the White House, while hosting NATO Secretary General Mark Rutte.

The statement comes shortly after the US Department of the Treasury imposed sanctions on the Russian oil companies.

The sanctions aim to degrade Russia's ability to raise revenue for its war machine and support its weakened economy.

Rosneft and Lukoil are now designated, resulting in the freezing of their assets in the US and restricting US persons from engaging in financial transactions with them. All entities owned 50% or more by Rosneft and Lukoil are blocked, regardless of whether they are designated by OFAC. (ANI)