US and UK Announce Major Sanctions Targeting Russia's Oil Sector

The sanctions aim to disrupt Russia's energy revenues, targeting key oil companies, shadow fleets, and LNG infrastructure.

The United States and United Kingdom imposed new sanctions on Russian oil giants Gazprom Neft and Surgutneftegas, along with dozens of their subsidiaries.
The sanctions target 183 vessels suspected to be part of Russia's 'shadow fleet,' allegedly used to evade existing oil transport restrictions.
Additional measures include sanctions on Russian oil traders, subcontractors, and liquefied natural gas (LNG) infrastructure projects.
Officials estimate the sanctions could cost the Russian economy billions of dollars per month, aiming to weaken funding for its invasion of Ukraine.
The Biden administration's timing, just days before President-elect Donald Trump takes office, reflects improved global oil market conditions and a stronger U.S. economy.