US Treasury puts ‘sweeping’ sanctions on Russian oil sector
Date
1/13/2025 7:19:27 AM
(MENAFN) The US Treasury Department announced new sanctions on Russia’s oil sector on Friday, coordinated with the UK. The sanctions target major Russian oil producers, including gazprom Neft and Surgutneftegaz, along with their subsidiaries and entities that provide services such as insurance and transportation.
Treasury Secretary Janet Yellen stated that the US is taking "sweeping action" against Russia's key revenue source and intensifying the sanctions risks linked to Russia's oil trade, which includes shipping and financial support for oil exports.
The US also gave the green light for sanctions against anyone involved in Russia’s energy sector. Gazprom Neft, a subsidiary of Russia’s Gazprom, and Surgutneftegaz, one of the top companies in Russia, were both added to the US blacklist. In addition to these companies, more than two dozen subsidiaries, over 180 vessels (mainly oil tankers), and over 30 oilfield service providers based in Russia have also been sanctioned.
These actions come as part of the ongoing sanctions campaign by the US and its allies, which has been in place since 2014, following the annexation of Crimea by Russia. The number of sanctions intensified after Russia’s invasion of Ukraine in February 2022. Despite these measures, Russian President Vladimir Putin has dismissed the effectiveness of Western sanctions, asserting that Russia has withstood the pressure and that external attempts to hinder Russia's progress would not succeed. Meanwhile, reports indicate that EU nations have continued to purchase significant amounts of Russian liquefied natural gas (LNG), even amid the ongoing sanctions.
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