US Imposes Major Sanctions on Russian Oil

In a significant move, the Biden administration has imposed extensive sanctions on Russia's energy sector, targeting major oil producers Gazprom Neft and Surgutneftegas, alongside 183 vessels identified as part of a 'shadow fleet' for transporting Russian oil. These sanctions are expected to cost Russia billions of dollars per month, severely impacting its ability to fund the ongoing war in Ukraine. The actions align with bipartisan calls from Congress for increased pressure on the Kremlin, as the U.S. seeks to bolster Ukraine in its conflict with Russia. Senior officials stated the timing reflects improved domestic economic conditions, allowing the U.S. to withstand potential fallout. The UK is anticipated to announce complementary sanctions in coordination with the U.S. as part of a unified front against Russian aggression.