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U.S. Imposes Broad Sanctions on Russia Energy Sector
The United States has announced its most extensive sanctions package yet against Russia’s energy sector, targeting oil and gas revenues as part of its strategy to weaken Moscow’s ability to fund its war in Ukraine.
Sanctions Targeting Russian Companies and Vessels
The U.S. sanctions include measures against major Russian energy companies Gazprom Neft and Surgutneftegas, which are involved in oil exploration, production, and sales. Additionally, 183 vessels connected to transporting Russian oil, many of them part of a shadow fleet of older tankers operated by non-Western companies, have also been sanctioned.
Russia Condemns Sanctions and Promises Retaliation
Russia’s Foreign Ministry denounced the sanctions, describing them as an attempt to harm the country’s economy while risking destabilization of global energy markets. The ministry also labeled the sanctions as part of a “hybrid war” waged by the United States and emphasized that Russia would continue its large oil and gas projects.
In a statement, the ministry declared that despite external pressure, Russia remains a key player in the global energy market and will respond to what it called Washington’s “hostile actions.”
Impact on Global Energy Markets
The sanctions aim to reduce Russia’s revenues from oil exports, potentially affecting global supply chains and energy prices. The reliance on shadow fleets to bypass sanctions is expected to become a significant point of focus in enforcement efforts.