The United States has announced a new wave of sanctions targeting Russia’s energy, mining, and metals sectors, further escalating economic pressure on Moscow.
The U.S. Department of the Treasury unveiled the expanded sanctions, which include:
Individuals:
- Senior government officials, including Deputy Energy Ministers Roman Marhasvin and Eduard Sheremetsev, and four Energy Ministry department directors.
- CEOs of major Russian energy companies, including Rosatom’s Alexey Likhachev, Gazprom Neft’s Alexander Dyukov, Surgutneftegaz’s Vladimir Bodganov, and Lukoil’s Vadim Vorobyov.
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Companies:
- Oilfield service providers like Achimgaz and Gazprom Shelfproekt.
- 27 subsidiaries of Gazprom Neft and Surgutneftegaz.
- Insurance companies Ingosstrakh and Alfastrakhovanie.
- Seventeen companies and three individuals involved in trading Russian oil, including entities from Hong Kong, Latvia, Liberia, the UAE, and Russia.
- 183 tankers allegedly involved in transporting Russian oil.
Projects:
- Entities supporting the production and export of Russian liquefied natural gas (LNG), including the Arctic LNG 2 project.
- Companies involved in Russia’s metals and mining industries.
- Major energy projects like Vostok Oil and Polar Lithium.
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This latest round of sanctions aims to further restrict Russia’s access to international markets and financial resources, hindering its ability to fund its ongoing war in Ukraine.
“Some will ask why we waited for the end of the Administration to introduce sanctions on Russian oil. It’s a fair question. The answer is this: for sanctions to be successful, they must be sustainable. That doesn’t mean they should be costless – sanctions never are – but to succeed they must impact the target more than they damage the U.S. and global economy,” the White House said. “Until recently, we were constrained by tight supply in global energy markets, which meant that reducing Russia’s oil exports to the world would likely push up Putin’s export revenues while raising prices at the gas pump for families in the United States and across the world.”
The new sanctions are expected to have a significant impact on Russia’s already struggling economy. Russia has condemned the sanctions, calling them “illegal” and vowing to take retaliatory measures.
If left in place, the new restrictions could drive up prices in global energy markets and end up hitting American consumers with increased prices.
“We’re in no position to speak for the next team,” an unnamed administration White House official said of Friday’s actions. “It’s entirely up to them to determine whether, when and on what terms they might lift any sanctions we put in place.”
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