Stock market data and financial reports

Biden Imposes Toughest Sanctions Yet on Russian Oil Before Trump Takes Office

Jan 10, 2025, 04:06 PM

President Joe Biden's administration has imposed sweeping new sanctions on Russia's energy sector, targeting its oil production and exports in an effort to reduce Moscow's ability to finance the war in Ukraine. The sanctions include measures against major Russian oil companies Gazprom Neft and Surgutneftegas, over 180 oil tankers involved in transporting Russian crude—including vessels in Russia's 'shadow fleet'—dozens of oil traders, Russian ship insurers Ingosstrakh and Alfastrakhovanie, and energy officials. The U.S. Treasury Department announced that the sanctions aim to disrupt Russia's oil exports to key buyers such as India and China, giving Ukraine leverage in potential peace talks. Following the announcement, oil prices surged by more than 4% on concerns over supply disruptions. The United Kingdom has also announced similar sanctions, aligning with U.S. efforts to limit Russia's energy revenues. The move represents one of the toughest actions against Russia's oil industry to date and comes just days before President-elect Donald Trump takes office.