In a coordinated move with the UK, the US Treasury Department unveiled a new wave of sanctions targeting Russia’s oil industry. These measures, announced on January 10, aim to cripple a crucial sector of Russia’s economy by blacklisting two major producers-Gazprom Neft and Surgutneftegaz-alongside their subsidiaries and service providers. The sanctions also extend to a vast network of entities facilitating the transport of Russian oil, including what the US terms a “shadow fleet” of tankers.

Treasury Secretary Janet Yellen emphasized the breadth of these sanctions in a statement accompanying the announcement. “The United States is taking sweeping action against Russia’s key source of revenue,” Yellen said. “With today’s actions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”

The Treasury’s measures include a new determination allowing US authorities to impose sanctions on any individual or entity operating in Russia’s energy sector. This aggressive stance highlights Washington’s continued efforts to undermine Moscow’s ability to finance its military and geopolitical ambitions.

Gazprom Neft, a subsidiary of the Russian state-owned energy giant Gazprom, is among the key targets of the sanctions. Known for its oil and gas extraction operations, the company was the first to begin oil production on Russia’s Arctic shelf. Surgutneftegaz, another prominent energy player, has also been sanctioned. Established in........

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