Biden’s Sweeping Sanctions Target Russia’s Oil Exports as Trump Prepares for Office

By Timothy Gardner, Daphne Psaledakis, Nidhi Verma and Dmitry Zhdannikov

WASHINGTON/NEW DELHI/LONDON, Jan 10 (Reuters) – U.S. President Joe Biden’s administration imposed its broadest package of sanctions so far targeting Russia’s oil and gas revenues on Friday, in an effort to give Kyiv and Donald Trump’s incoming team leverage to reach a deal for peace in Ukraine.

The move is meant to cut Russia’s revenues for continuing the war that has killed or wounded tens of thousands and reduced cities to rubble since Moscow invaded Ukraine in February, 2022.

Ukrainian President Volodymyr Zelenskiy said in a post on X that the measures announced on Friday will “deliver a significant blow” to Moscow. “The less revenue Russia earns from oil … the sooner peace will be restored,” Zelenskiy added.

Daleep Singh, a top White House economic and national security adviser, said in a statement that the measures were the “most significant sanctions yet on Russia’s energy sector, by far the largest source of revenue for (President Vladimir) Putin’s war.”

The U.S. Treasury imposed sanctions on Gazprom Neft and Surgutneftegas, which explore for, produce and sell oil as well as 183 vessels that have shipped Russian oil, many of which are in the so-called shadow fleet of aging tankers operated by non-Western companies. The sanctions also include networks that trade the petroleum. 

Many of those tankers have