South Iowa News

The U.S. Treasury Department has announced new sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, along with several of their subsidiaries. The sanctions target key sectors of Russia’s oil industry, aiming to limit the Kremlin’s revenue sources. The Treasury also warned foreign financial institutions that they could face secondary sanctions if they continue to process transactions for these companies. This approach aligns closely with the enforcement measures outlined in the Preventing the Escalation of Armed Conflict in Europe (PEACE) Act.

Congressman Zach Nunn (IA-03), who introduced the PEACE Act, commented on the Treasury’s decision. “The White House’s move to finally impose targeted sanctions and cut off illicit Russian oil sales is the right call, and it’s long overdue,” said Rep. Nunn, Vice Chair of the House Financial Services Subcommittee on National Security. “That’s exactly what the PEACE Act was designed to do. Iowans understand that we must back up our calls for peace with real consequences for bad actors like Putin. It’s time to end the government shutdown and immediately pass the PEACE Act to codify these sanctions into law.”

Rep. Nunn also expressed support for President Trump’s efforts to prioritize a cease-fire and pursue peace negotiations, but stressed the need for legislative action given the ongoing conflict. He said it is essential for Congress to pass the PEACE Act in order to formally establish these sanctions and disrupt the flow of funds supporting Russia’s activities.

The PEACE Act, which was introduced on July 7 and passed out of the House Financial Services Committee with bipartisan support on July 22, aims to strengthen and formalize sanctions on Russia’s energy sector. The bill’s passage would make current executive actions permanent policy.

The full text of the PEACE Act is available for review.