Part 3/7:
The Latest Sanctions: A Significant Shift
On January 10, the Biden Administration introduced its most severe sanctions against Russian oil to date. The US Treasury announced sanctions targeting major state-owned entities such as Gazprom Neft and Rosneft. This move is projected to have devastating consequences for the Russian economy, as these two companies accounted for a staggering 970,000 barrels of oil exports per day in 2024, translating to over $73 billion in projected revenue.