Sri Lanka, Oct. 23 -- U.S. Treasury Department on Wednesday announced sanctions on Russia's two largest oil producers, Rosneft and Lukoil, in a bid to pressure Moscow to agree to an immediate ceasefire in Ukraine.

"Now is the time to stop the killing and for an immediate ceasefire," U.S. Treasury Secretary Scott Bessent was cited in a statement as saying.

Bessent said U.S. President Donald Trump's administration is prepared to take further action if necessary, while urging U.S. allies to join in and adhere to U.S. sanctions on Russia.

State-controlled Rosneft and privately held Lukoil are the two largest Russian oil producers, jointly accounting for nearly half of Russia's total crude-oil exports, or around 2.2 million barrels a day in...