The U.S. Department of the Treasury and the State Department have announced the introduction of a comprehensive sanctions package aimed at limiting Russia's revenues from its energy sector. The sanctions list includes over 400 entities, among them major oil companies, maritime vessels, insurance companies, oil traders, as well as representatives of the Russian government and energy corporations. The new restrictions are expected to significantly reduce Russia's energy revenues and hinder its ability to finance aggression against Ukraine.
This was reported by the U.S. Department of the Treasury and the State Department..
Specifically, sanctions were imposed on two leading Russian oil companies, Gazprom Neft and Surgutneftegaz, as well as on 183 maritime vessels, mostly oil tankers that are part of Russia's "shadow fleet."
Also added to the list are major insurance companies such as Ingosstrakh Insurance Company and Alfastrakhovanie Insurance Group, which insured the transportation of Russian oil. The sanctions target dozens of traders and brokers involved in the opaque trade of Russian energy resources, along with 25 companies in the mining and metallurgical sectors.
The documents note that the decision was made to implement agreements among the Group of Seven (G7) nations and is aimed at restricting the revenues Russia uses to fund its war against Ukraine.
Meanwhile, White House advisor John Kirby stated that these sanctions could deprive Russia's budget of billions of dollars each month. Kirby emphasized that the timing of these restrictions was chosen with global oil market stability in mind. According to Kirby, this approach will minimize the impact on prices for consumers. He also noted that the U.S. economy remains strong, and the global energy supply exceeds demand.
The sanctions package includes provisions allowing the U.S. Treasury to extend sanctions to additional sectors of Russia's economy. A ban has also been introduced on providing American services related to Russia's oil and gas industry.
However, representatives of the U.S. administration noted that the next administration, which will begin its work after the inauguration of the new president on January 20, may revise this decision.
Author: Inna Mikhno