Biden administration imposes harsh sanctions on Russian oil sector to target war funding
Date
1/12/2025 3:21:34 AM
(MENAFN) In an effort to target Moscow's oil money, which is supporting its war in Ukraine, the Biden administration has placed some of its harshest sanctions to date on Russia.
The actions target hundreds of oil ships as well as more than 200 organizations and people, including officials, traders, insurance companies, and others.
The UK will join the US in imposing direct sanctions on energy corporations gazprom Neft and Surgutneftegas, a first since Moscow's full-scale invasion of Ukraine.
"Taking on Russian oil companies will drain Russia's war chest – and every ruble we take from Putin's hands helps save Ukrainian lives," stated Foreign Secretary David Lammy.
Congress must be involved if the incoming Trump administration want to repeal some of the measures proposed by the US Treasury on Friday because they will become law.
Washington is also targeting what it has dubbed Moscow's "shadow fleet" of oil-shipping boats worldwide and taking steps to drastically restrict who is permitted to legally buy Russian energy.
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