Russia criticized the latest U.S. sanctions targeting its energy sector on Jan. 11, describing them as an effort to harm Russia's economy while risking instability in global markets. Despite this, the country's Foreign Ministry said Russia would continue pursuing major oil and gas projects.
The ministry condemned Washington's "hostile" actions, announced on Jan. 10, and noted that Russia would craft its foreign policy strategy in response. The ministry argued the sanctions represented "an attempt to inflict at least some damage to the Russian economy, even at the cost of the risk of destabilising world markets as the end approaches of President Joe Biden's inglorious tenure in power."
The sanctions mark the most extensive U.S. measures yet against Russia's oil and gas revenue streams. They aim to provide Kyiv and the incoming administration of Donald Trump with leverage to negotiate an end to the war in Ukraine.
The U.S. Treasury sanctioned Gazprom Neft, Surgutneftegas, and 183 vessels involved in transporting Russian oil, many of which belong to the so-called shadow fleet of aging tankers operated by non-Western companies.
Combined, Gazprom Neft and Surgutneftegas reportedly produce over 1 million barrels of oil daily, generating an estimated $23 billion of revenue annually, according to the U.S. Treasury.
President Volodymyr Zelensky welcomed the sanctions, saying they would "deliver a significant blow" to Russia. "The less revenue Russia earns from oil ... the sooner peace will be restored," he added.
Tim Zadorozhnyy
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