US President Joe Biden has imposed new and toughest sanctions on the Russian oil industry days before his farewell.
According to BBC, the Biden administration on Friday, January 10, 2025, announced that it was increasing sanctions against Russia’s energy sector that is fuelling its war against Ukraine.
The new sanctions target over 200 entities and individuals, including traders, officials, insurance companies, and hundreds of oil tankers.
Foreign Secretary David Lammy said, “Taking on Russian oil companies will drain Russia's war chest, and every ruble we take from Putin's hands helps save Ukrainian lives.”It is the first sanction against Russia since its war on Ukraine, and the UK will also join the US in sanctioning energy companies Gazprom Neft and Surgutneftegas.
US Treasury Secretary Janet Yellen asserted that the actions were "ratcheting up the sanctions risk associated with Russia's oil trade, including shipping and financial facilitation in support of Russia's oil exports."
It is the first sanction against Russia since its war on Ukraine, and the UK will also join the US in sanctioning energy companies Gazprom Neft and Surgutneftegas.
Moreover, Biden said, “It is really important that he not have any breathing room to continue to do the god-awful things he continues to do. It is probable that gas prices (in the United States) could increase as much as three or four cents a gallon.”
Some of the newly announced measures would be added to the law, which means that the upcoming president, Donald Trump, would need to involve Congress if he wants to change or cancel these rules, which means that Trump would need to go through a formal process to help Russia or to ease new sanctions.
