US Treasury enacts ‘sweeping’ sanctions on Russian oil sector
The United States has imposed sanctions on Russia’s oil industry in an effort to diminish Moscow’s “key source of revenue.” Read Full Article at RT.com.
TroibNews 
The US Treasury Department announced a new set of sanctions against Russia on Friday, implemented in collaboration with the UK. These measures focus on the Russian oil industry, specifically targeting two major producers: Gazprom Neft and Surgutneftegaz, along with their subsidiaries and associated service providers, including those involved in insurance and transportation.
“The United States is taking sweeping action against Russia’s key source of revenue,” Treasury Secretary Janet Yellen stated in a press release regarding the sanctions. “With today’s actions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”
Additionally, the Treasury issued a determination that enables American authorities to impose sanctions on “any person determined to operate or have operated in the energy sector” of Russia.
Gazprom Neft, now on the US sanctions blacklist, is a subsidiary of the state-owned energy giant Gazprom, concentrating on the development of oil and gas fields as well as extraction. It was the pioneer in oil production on the Russian Arctic shelf.
Surgutneftegaz, established in 1993, ranked 21st among Russia’s top 100 companies in net income for 2023.
The latest sanctions package also includes over two dozen subsidiaries of these companies and targets more than 180 vessels, primarily oil tankers, associated with what the US refers to as a “shadow fleet” of operators shipping Russian oil.
Moreover, restrictions were imposed on more than 30 Russia-based oilfield service providers.
Since 2014, the US and its allies have enacted tens of thousands of sanctions against Moscow across several rounds, prompted by geopolitical tensions following a Western-backed coup in Kyiv, the subsequent annexation of Crimea by Russia, and ongoing conflicts with the Donbass republics. The volume of sanctions increased significantly after Russia's military operation began in February 2022.
In early December, Russian President Vladimir Putin remarked that the West's sanctions campaign was ineffective and pointless, asserting that Russia had successfully withstood the pressure and that “no blackmail or attempts from outside to hinder us will ever yield results.”
Despite numerous sanctions, allies of the US have continued to procure natural gas from Russia. A Bloomberg report released on Tuesday highlighted that EU nations imported a record amount of Russian liquefied natural gas last year.
Aarav Patel contributed to this report for TROIB News
“The United States is taking sweeping action against Russia’s key source of revenue,” Treasury Secretary Janet Yellen stated in a press release regarding the sanctions. “With today’s actions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”
Additionally, the Treasury issued a determination that enables American authorities to impose sanctions on “any person determined to operate or have operated in the energy sector” of Russia.
Gazprom Neft, now on the US sanctions blacklist, is a subsidiary of the state-owned energy giant Gazprom, concentrating on the development of oil and gas fields as well as extraction. It was the pioneer in oil production on the Russian Arctic shelf.
Surgutneftegaz, established in 1993, ranked 21st among Russia’s top 100 companies in net income for 2023.
The latest sanctions package also includes over two dozen subsidiaries of these companies and targets more than 180 vessels, primarily oil tankers, associated with what the US refers to as a “shadow fleet” of operators shipping Russian oil.
Moreover, restrictions were imposed on more than 30 Russia-based oilfield service providers.
Since 2014, the US and its allies have enacted tens of thousands of sanctions against Moscow across several rounds, prompted by geopolitical tensions following a Western-backed coup in Kyiv, the subsequent annexation of Crimea by Russia, and ongoing conflicts with the Donbass republics. The volume of sanctions increased significantly after Russia's military operation began in February 2022.
In early December, Russian President Vladimir Putin remarked that the West's sanctions campaign was ineffective and pointless, asserting that Russia had successfully withstood the pressure and that “no blackmail or attempts from outside to hinder us will ever yield results.”
Despite numerous sanctions, allies of the US have continued to procure natural gas from Russia. A Bloomberg report released on Tuesday highlighted that EU nations imported a record amount of Russian liquefied natural gas last year.
Aarav Patel contributed to this report for TROIB News
