According to Reuters, on January 11, the Russian Foreign Ministry announced that it would continue to implement large-scale oil and gas projects despite new US sanctions aimed at weakening Russia's economy.
In response to the US move, which the Russian Foreign Ministry called “hostile”, Moscow warned that the global energy market was at risk of being affected and affirmed its readiness to respond.
Moscow also accused the US of deliberately launching a “hybrid war”, but affirmed Russia's position as a “key and reliable partner in the global oil and gas market”.
On January 10, the US Treasury Department imposed sanctions on Gazprom Neft and Surgutneftegas, two companies operating in the fields of oil exploration, exploitation and trading, along with 183 Russian oil tankers.
Of the 183 tankers affected, many are older vessels belonging to “shadow fleets” managed by non-Western companies. Oil trading networks are also on Washington’s sanctions list.
In early 2022, after the G7 imposed a price cap on Russian oil, some of the ships in the “shadow fleet” helped Moscow transport oil to China, India and Iran in a plan to divert the market.
Another US official said that if strictly enforced, these measures could cost Russia billions of dollars a month.
Also according to Reuters, the January 11 sanctions package imposed on the Russian oil and gas sector is considered the most comprehensive ever. The US government said that this is seen as a stepping stone to support Donald Trump's plan to find a peaceful solution for Eastern Europe.
On January 10, Ukrainian President Volodymyr Zelensky affirmed that Moscow's economy would suffer heavy losses, but emphasized that the time to end the conflict depends on the revenue Russia receives from oil and gas; the less revenue comes, the sooner peace will come.
