The Biden administration has announced an expansion of sanctions against Russia's energy sector, targeting the oil and liquefied natural gas industries. These sanctions aim to increase pressure on Moscow for its actions in the ongoing conflict in Ukraine. The new measures are considered the most significant to date and have the potential to cost the Russian economy billions of dollars per month.
Over 180 oil-carrying vessels suspected of being part of a shadow fleet used by Russia to evade oil sanctions are among the entities targeted. Additionally, traders, oil field service firms, and Russian energy officials are subject to the new sanctions. The UK has also imposed sanctions on Russian energy firms, including major oil producers Gazprom Neft and Surgutneftegas.
