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The Biden administration announced new sanctions aimed at curbing Russia’s energy sector and its “shadow fleet” of oil tankers on January 10. The New York Times reports the move could be a final attempt to cripple the Russian economy in response to Moscow’s war in Ukraine before President-elect Trump is sworn in.
The new sanctions target more than 180 vessels from Russia’s fleet of shadow tankers used by Moscow to evade existing oil sanctions. They also blacklist two leading Russian oil producers -- Gazprom Neft and Surgutneftegas, and their subsidiaries.
The sanctions also target Russian liquefied natural gas projects, Russian energy officials and providers of services that support the country’s energy industry. Further, they limit some of the exceptions that have been in place to allow banks to continue facilitating Russian energy transactions.
“The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” Treasury Secretary Janet L. Yellen said in a statement. “With today’s sanctions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”
The United Kingdom also announced January 10 it would impose sanctions against the two major Russian oil producers, saying it aims to deliver a fresh blow against President Putin's ability to finance the war in Ukraine.
“Oil revenues are the lifeblood of Putin’s war economy. We will not stand by and let oil profits endanger the lives of Ukrainians - nor will we let Russia keep filling its coffers as it continues to threaten our collective security,” said U.K. Foreign Secretary, David Lammy.
Biden administration officials said that it will ultimately be up to Trump's administration whether to keep or scrap the new sanctions.
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