Oil Surges To 3-Month-Highs As US Escalates Anti-Russia Sanctions

post: #OOTT | US Issues New Russia-Related Sanctions – Tsy Department Website - Sanctions Entities Tied To Gazprom Neft https://t.co/al48omAkZd post: BREAKING: US imposes wide-range fresh oil sanctions on Russia, including, several companies (notably, Gazprom Neft and Surgutneftegas), more than 150 oil tankers, traders, two key insurance companies, and individuals | #Russia #OOTT https://t.co/tbhnCUMNF9 Treasury Intensifies Sanctions Against Russia by Targeting Russia’s Oil Production and Exports Today, the U.S. Department of the Treasury took sweeping action to fulfill the G7 commitment to reduce Russian revenues from energy, including blocking two major Russian oil producers. Today’s actions also impose sanctions on an unprecedented number of oil-carrying vessels, many of which are part of the “shadow fleet,” opaque traders of Russian oil, Russia-based oilfield service providers, and Russian energy officials. Today’s actions are underpinned by the issuance of a new determination that authorizes sanctions pursuant to Executive Order (E.O.) 14024 against persons operating or having operated in the energy sector of the Russian Federation economy. These actions substantially increase the sanctions risks associated with the Russian oil trade. The United Kingdom (UK) is also taking action today, joining Treasury in sanctioning two major Russian oil producers. “The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” said Secretary of the Treasury Janet L. Yellen. “This action builds on, and strengthens, our focus since the beginning of the war on disrupting the Kremlin’s energy revenues, including through the G7+ price cap launched in 2022. 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 Department of State is also taking steps to reduce Russia’s energy revenues by blocking two active liquefied natural gas projects, a large Russian oil project, and third-country entities supporting Russia’s energy exports. State is also designating numerous Russia-based oilfield service providers and senior officials of State Atomic Energy C