US Sanctions Gazprom Neft, Surgutneftegaz and 183 Vessels; Brent Crude Tops $80

Jan 10, 2025, 02:22 PM

The Biden administration imposed sweeping new sanctions on Russia's energy sector, targeting major oil producers Gazprom Neft and Surgutneftegaz, as well as Russian ship insurers Ingosstrakh and Alfastrakhovanie. The measures also sanction several top executives, including Lukoil CEO Vadim Vorobyov, Surgutneftegaz CEO Vladimir Bogdanov, and Gazprom Neft CEO Alexander Dyukov, and blacklist 183 vessels involved in transporting Russian oil, including many from Russia's "shadow fleet." The sanctions, described as the toughest measures yet against Russia's energy sector, were coordinated with the UK and aim to disrupt Russia's oil exports to key buyers such as India and China, undermining Moscow's ability to finance its war in Ukraine before President-elect Donald Trump takes office. Oil prices surged in response to the announcement, with Brent crude futures rising over 4% to surpass $80 a barrel for the first time since October.