The United States on Wednesday hit Russia's two biggest oil producers -- Rosneft and Lukoil -- with sanctions, the first against Russia since US President Donald returned to office.

The European Union has also announced a complete ban on Russian liquefied natural gas (LNG) imports by the end of 2026.

Here is what we know about the measures, their scope and possible impact:

The US sanctions freeze all Rosneft and Lukoil assets in the United States and prohibit US companies from doing business with them.

The firms are among Russia's biggest companies while the government owns a majority stake in Rosneft.

Together they account for the lion's share of Russia's oil output -- 55 percent, according to industry analysts. Both of them also produce gas.

The companies are important contributors to state finances, which the Kremlin uses to pay for its war against Ukraine.

To hamper Moscow's revenues, Kyiv has launched drone strikes on Rosneft and Lukoil refineries throughout the war, triggering a decline in output and a spike in petrol........

© International Business Times