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the US announced unprecedented sanctions on Russia’s energy industry on Friday in its latest effort to squeeze the revenue that the Kremlin needs to bankroll its war machine in Ukraine.

The sweeping sanctions came one day after US President Joe Biden unveiled US$500 million in additional military support for Ukraine, including air defence missiles, air-to-ground munitions, and support equipment for F-16 fighter jets.

Gazprom Neft and Surgutneftegas – two of Russia’s most significant oil producers and exporters – and their subsidies were among those added to the US Treasury Department’s sanction rolls.

Also on the blacklist were dozens of opaque traders, including two from Hong Kong, as well as 34 Russia-based oilfield services and 13 Russian energy officials and elites. Gazprom Neft chairman Aleksandr Dyukov was also designated.

According to a Treasury Department statement, the measures are expected to substantially increase the risk of sanctions linked to every stage of the Russian oil production and distribution chain.

“The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” said Treasury Secretary Janet Yellen.



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