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US Imposes Toughest Sanctions Yet on Russia's Oil Industry, Targeting Companies, Executives, 183 Vessels, and Ship Insurers

Jan 10, 2025, 04:06 PM

On January 10, 2025, the US Treasury announced sweeping new sanctions against Russia's oil industry, targeting major oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels involved in Russian energy exports and dozens of oil traders, oilfield service providers, and energy officials. The sanctions also include major Russian ship insurance providers Ingosstrakh and Alfastrakhovanie, and key executives such as Lukoil CEO Vorobyov, Surgutneftegas CEO Bogdanov, and Gazprom Neft CEO Dyukov. The US aims to disrupt Russian oil exports, particularly to key buyers India and China, and reduce Russia's revenue from oil sales, which funds its war in Ukraine. Indian refiners are bracing for major Russian oil supply disruptions due to the new US sanctions. The United Kingdom has also added Gazprom Neft and Surgutneftegas to its sanctions list. The sanctions are considered the toughest yet imposed on Russia's energy sector since the invasion of Ukraine in 2022.