US targets Russia’s oil sector with ‘sweeping’ sanctions
The sanctions were directed at 80 people and organizations involved in the production and export of liquefied natural gas (LNG) from Russia, as well as two major Russian oil producers and 183 vessels that transport the fuel.
The sanctioned companies include Gazprom Neft and Surgutneftegas, two of Russia’s largest oil companies.
US Treasury Secretary Janet Yellen stated in a statement that the country is taking comprehensive action against Russia’s main source of income to fund its brutal and illegal war against Ukraine.
On Thursday, the UK imposed similar sanctions. Every blow we make to Russia’s oil revenues is a step closer to a just and sustainable peace in Ukraine and to greater security and prosperity, according to a statement from the UK government.
For its part, the US Department of State targeted Russia’s LNG sector.
The sanctions largely make it illegal for Americans to trade money between US companies and individuals and freeze their assets. The measures passed on Friday also increase secondary penalties for those who assist Russia in avoiding sanctions.
The US Department of Treasury stated that “these actions significantly increase the sanctions risks associated with the Russian oil trade.”
An unnamed US official, who was quoted by the Reuters news agency, claimed that the sanctions “are intended to impact every stage of the Russian oil production and distribution chain.”
If properly implemented, the official added that the measures should cost Russia billions of dollars each month.
The sanctions came 10 days before President-elect Donald Trump, who has pledged to help end the war in Ukraine, takes office.
Trump made the suggestion earlier this week that he was prepared to meet with Vladimir Putin, the president of Russia.
Before a meeting with Republican governors at his Mar-a-Lago residence on Thursday, Trump stated, “He wants to meet, and we are setting it up.”
Since Russia launched an extensive invasion of Ukraine in February 2022, the US has been putting sanctions on the Russian economy.
In order to support the Ukrainian war efforts, Washington and its Western allies have also offered tens of billions of dollars in military and financial aid to Kyiv.
I am grateful to @POTUS, his administration, and the entire American people for today’s announcement of a new sanctions package targeting over 400 entities linked to Russia’s energy sector. We are deeply moved by the United States’ bipartisan support.
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Ukraine has struggled to regain territories held by the Russian army in its east, turning the conflict into a drawn-out, bloody conflict after fending off Russian advances toward Kyiv at the start of the conflict.
Ukrainian President Volodymyr Zelenskyy welcomed Friday’s sanctions.
“Energy resources should never be used as weapons, as Russia does. In a social media post, Zelenskyy wrote that nations that uphold international law can and should guarantee the world’s energy supply is stable and reliable.
Source: Aljazeera
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