US Unleashes New Sanctions on Russia to Target Oil Revenue, Affecting Sales to China and India

Politics

1 year ago

News sources:

Credited from: SCMP

The US has imposed significant sanctions on Russia's energy sector, targeting major oil producers like Gazprom Neft and Surgutneftegas.
This move follows a commitment of US$500 million in military support for Ukraine, emphasizing the connection between sanctions and military aid.
The sanctions are designed to increase risks across the entire Russian oil production and distribution chain, potentially raising costs for Russia substantially.
The sanctions may affect key buyers of Russian oil, including China and India, who have been purchasing record quantities despite previous efforts.
This announcement aims to weaken Russia's economy and change the cost-benefit analysis for its ongoing military actions in Ukraine.

For the full article, visit SCMP.