In a new move to counter Russian funding for the war in Ukraine, both the United States and the United Kingdom imposed strict sanctions on Russia’s energy sector. The sanctions targeted Gazprom Neft and the oil sector in general, along with over 180 ships and two major oil companies.
Objectives of the Sanctions:
These measures aim to reduce Russian revenues funding the war in Ukraine. The US Treasury Department confirmed that the sanctions are part of efforts to counter the revenues Russia exploits to finance its military activities.
Yellen’s Statements:
Janet Yellen, US Treasury Secretary, stated that the sanctions aim to impact Russia’s primary source of revenue, the oil and gas sector. She added that this step is part of Washington’s efforts to support Ukraine against Russian aggression.
Russian Reactions:
Gazprom Neft condemned the sanctions, describing them as illegal and unjustified. The company emphasized that these measures aim to weaken the Russian economy, considering it a new challenge in the economic war against Russia.
Economic Consequences:
Experts expect these sanctions to increase pressure on the Russian economy, particularly its vital energy sector. These measures could affect Russia’s ability to fund its military activities, reflecting an escalation in the economic war between the West and Russia.