US Imposes Toughest Sanctions Ever on Russian Oil Giants

The United States has imposed the largest sanctions ever on Russian oil giants. The list includes more than 30 Russian companies, including Gazprom Neft and Surgutneftegas. This information was reported by Reuters.

The sanctions pertain to over 100 vessels in the Russian 'shadow fleet' and to Ingosstrakh and AlfaStrakhovanie insurance companies that are involved in marine insurance.

Additionally, the sanctions list includes Alexander Dyukov, the CEO of Gazprom Neft; Alexey Likhachov, the head of Rosatom; the son of billionaire Vagit Alekperov, co-owner of Lukoil, and other industry representatives.

The U.S. Department of the Treasury reports that as of February 27, U.S. companies are prohibited from providing oil field services in Russia. These sanctions are the most severe ever imposed on the Russian oil sector and could cause significant disruptions to oil exports, particularly for major buyers such as India and China.

Moreover, the sanctions have already led to an increase in prices, with Brent crude oil rising by more than $3 (4.13%) to reach $80 per barrel today.