Biden administration imposes severe sanctions on Russia’s energy sector ahead of Trump's inauguration

(MENAFN) In an effort to stop supporting Moscow's war on Ukraine, the Biden administration imposed some of its most severe sanctions to date on Friday, targeting Russia's energy sector, notably its oil industry.

Just over a week before President Joe Biden steps down, President-elect Donald Trump makes the broad strokes, claiming he is prepared to meet with Russian President Vladimir Putin. Additionally, they can make energy market investors uneasy.

Senior administration officials from the United States stated that they wish to leave Kyiv and the new Trump administration in the best possible position for future negotiations. Despite earlier doubts about the efficacy of such actions from some Trump officials, the officials voiced faith that the next government will uphold and enforce the penalties.

Two of Russia's biggest oil corporations, Public Joint Stock Company Gazprom Neft and Surgutneftegas, were among hundreds of targets targeted by the latest sanctions against "the Kremlin's largest and most important source of revenue."

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