Steam rises from chimneys of the Gazprom Neft’s oil refinery in Omsk, Russia November 18, 2022. REUTERS/Alexey Malgavko/File Photo
Russia Criticizes New U.S. Sanctions on Energy Sector
Russia’s Foreign Ministry on Saturday strongly condemned the latest U.S. sanctions targeting its energy sector, calling them an attempt to harm the Russian economy at the expense of global market stability. The Ministry pledged that Moscow would continue its large-scale oil and gas projects despite the restrictions.
Ministry Response
In an official statement, the Ministry described the sanctions, announced Friday, as part of broader U.S. efforts to destabilize Russia’s economy. It linked the actions to what it called “the convulsions in the White House” at the close of President Joe Biden’s administration:
“These measures are an attempt to inflict at least some damage to the Russian economy, even at the cost of the risk of destabilizing world markets as the end approaches of President Joe Biden’s inglorious tenure in power.”
The statement underscored Russia’s role as a “key and reliable player” in the global fuel market, asserting that the country would not be deterred by what it characterized as a “hybrid war” waged by the United States and its allies.
Broader U.S. Measures
The sanctions package, the most comprehensive to date, targets Russia’s oil and gas revenues in an effort to provide leverage to Ukraine and the incoming U.S. administration under President-elect Donald Trump.
The U.S. Treasury Department imposed restrictions on Gazprom Neft and Surgutneftegas, two major players in Russia’s oil sector, as well as on 183 vessels involved in transporting Russian oil. Many of these vessels belong to a so-called “shadow fleet” of aging tankers operated by non-Western entities.
Ukraine’s Perspective
Ukrainian President Volodymyr Zelenskiy welcomed the sanctions, stating that they would significantly impact Moscow’s ability to sustain its war effort:
“The less revenue Russia earns from oil … the sooner peace will be restored.”
Russia’s Next Steps
Russia’s Foreign Ministry indicated that it would formulate a response to the U.S. sanctions as part of its ongoing foreign policy strategy. While no specific retaliatory measures were announced, the Ministry reaffirmed its commitment to pursuing large-scale energy projects despite the new restrictions.
Implications
The sanctions underscore the ongoing geopolitical struggle surrounding the conflict in Ukraine and the global energy market. As tensions remain high, the long-term effects on Russia’s economy and global energy stability will depend on the enforcement and broader impact of these measures.
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