Trump's week in review: East Wing demolished; ballroom construction begins; new Russia sanctions

3. Treasury Department announces sanctions on Russian oil companies 

In a statement published Wednesday, the U.S. Treasury Department announced that it is imposing additional sanctions on Russia because of what it referred to as "Russia's lack of serious commitment to a peace process to end the war in Ukraine."

The Treasury Department contends that the actions "increase pressure on Russia's energy sector and degrade the Kremlin's ability to raise revenue for its war machine and support its weakened economy." 

"Now is the time to stop the killing and for an immediate ceasefire," said Secretary of the Treasury Scott Bessent. "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."

Under the sanctions, the Treasury Department's Office of Foreign Assets Control has prohibited all U.S. persons and those transiting within the U.S. from doing business with the Russian oil companies Lukoil and Rosneft as well as their subsidiaries.