The U.S. Treasury Department has issued comprehensive new sanctions against the Russian oil industry. These sanctions are the most severe measures against the Russian energy sector to date and are aimed at cutting off Russia's main source of funding for the Russia-Ukraine conflict. The new sanctions include 183 ships, dozens of traders, as well as middlemen and ports, insurance companies and two major oil companies, Gazprom Neft and Surgutneftegas, as well as more than a dozen Russian energy officials and Russia's top oil executives. Oil prices closed up 3.73% on the evening of January 10, with the highest rise to more than $80 per barrel.
The sanctions specifically target the Russian oil industry and are wide-ranging, covering key links such as the shadow fleet, Russia's oil transportation network, insurance companies and middlemen. This round of sanctions marks another escalation in the crackdown on Russia's oil and energy industry, involving multiple aspects of oil transportation, including the vital marine insurance. It is worth noting that the sanctions include 32 Chinese companies (including Hong Kong) on the SDN list.
