U.S. Intensifies Sanctions On Russian Oil

The Biden administration has announced sweeping new sanctions targeting Russia’s oil sector, including major companies like Gazprom Neft and Surgutneftegas, shadow fleet vessels, and opaque traders.

The US Department of the Treasury detailed the restrictions, which include banning US petroleum services supporting Russian extraction and production.

These measures caused a surge in oil prices and a decline in European equities as markets braced for tighter global supply, Piero Cingari reported for Euronews.

Unveiled just ten days before Donald Trump’s return to the White House, the sanctions aim to deepen Moscow's economic isolation by curbing its oil revenues, a key funding source for its military operations in Ukraine.

The US Department of the Treasury detailed the restrictions, which include banning US petroleum services supporting Russian extraction and production—set to take effect in late February 2025.

Treasury Secretary Janet Yellen stated that these measures "build on the G7+ price cap strategy" launched in 2022 and further limit the trade and financial facilitation of Russian oil.

The sanctions target oil producers, traders, and 183 shadow fleet vessels, tightening Russia’s access to global energy markets.

The UK has coordinated similar sanctions on Gazprom Neft and Surgutneftegas, underscoring Western unity in efforts to diminish Moscow’s ability to finance its "brutal and illegal war against Ukraine," according to the Associated Press (AP).