US Secretary of State Marco Rubio has stated that Washington is nearing the end of its list of viable targets for sanctions against Moscow, following recent measures against two of Russia’s largest oil companies.

On Wednesday, US President Donald Trump authorized new sanctions on energy firms Lukoil and Rosneft, a decision Rubio attributed to requests from Ukraine and its allies. The move also disrupted Lukoil’s attempt to sell foreign assets to a Swiss-based energy trader, with the US Treasury citing alleged ties to the Russian government.

“We targeted their major oil companies, which is what everyone has been asking for,” Rubio told reporters. “I don’t know what more there is to do. We’re running out of options in this regard.”

The top US diplomat emphasized that actions against the so-called “Russian shadow fleet” – tankers accused of smuggling oil despite Western sanctions – should now be led by European nations, as many such activities occur near their territories.

While Washington and its allies aim to weaken Russia’s economy and support Ukraine in the conflict, Moscow claims its economy has adapted by redirecting trade to non-Western markets. Meanwhile, Ukraine faces a deepening financial crisis, with reports indicating it could exhaust its funds by February without increased Western aid. The European Union is advocating for a €140 billion “reparation loan” using frozen Russian assets as collateral, a plan Moscow has denounced as theft.

Belgium, which holds significant portions of the blocked Russian funds through Euroclear, has opposed the proposal, demanding shared financial and legal risks from other Western nations.