Washington: The administration of US President Joe Biden has dealt another major blow to Russia. The Biden administration announced Friday that it is expanding sanctions against Russia's vitally important energy sector.
This is a new attempt to create trouble for Moscow amid the almost three-year-long war between Ukraine and Russia. This announcement came at a time when newly elected President Donald Trump is ready to assume the presidency again, pledging to end the related war soon.
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The outgoing Democratic administration has described the new sanctions as the most significant yet against the oil and liquefied natural gas sectors that underpin Russia's economy. Officials said the sanctions would punish entities doing business with Russia, which could cost the Russian economy more than billions of dollars per month.
This is the target of new restrictions
More than 180 oil carriers, traders, oil field service companies and Russian energy officials are also the targets of the new sanctions. According to the Finance Department, many of the ships targeted are also suspected of carrying banned Iranian oil. British officials also announced supplementary sanctions against Russia's energy sector.
Action against America-Ukraine
Both countries are targeting subsidiaries of Russia's two major oil producers – Gazprom Neft and Surgutneftegas – and dozens of companies. Treasury Secretary Janet Yellen said in a statement that the US is taking sweeping action against Russia, a key source of revenue to finance its brutal and illegal war against Ukraine.
Arrangements are being made for a meeting between Putin and Trump
Biden administration officials said it will ultimately be up to the Trump administration to continue or end the new restrictions. Trump's team did not immediately respond to a request for comment about the sanctions. However, Trump told reporters on Thursday that Russian President Vladimir Putin wants to meet and we are arranging it.
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