US imposes new wide-ranging sanctions on Russian oil

The United States of America has announced new sanctions that will hit Russia’s oil refining industry.

According to the US Treasury Department press release, sanctions have been announced against Gazprom Neft and Surgutneftegas.

Restrictions also apply to vessels that are part of Sovcomflot, Russia’s largest shipping company.

The blacklist includes 183 vessels which are involved in the export of Russian energy and are part of the Russian Federation’s so-called shadow fleet.

Rosneft subsidiary Rosnefteflot has also been sanctioned.

Restrictions have also been imposed on the Russian insurance companies Ingosstrakh and AlfaStrakhovanie.

Dozens of Russian energy officials and company executives have been sanctioned.

It was reported on 25 December that the Biden administration was discussing the possibility of imposing "serious new sanctions" against the Russian energy sector before the end of his term.

Bloomberg had previously reported that the Group of Seven (G7) nations were discussing a possible lowering of the price cap on seaborne Russian oil to limit Russia's oil revenues.

On 16 December, the EU adopted its 15th sanctions package against Russia, aimed at countering sanctions evasion by targeting Russia's shadow fleet and weakening its defence industrial base.