16h00 ▪
4
min reading ▪ by
Fenelon L.
A few days before the inauguration of Donald Trump, the outgoing American administration is strengthening its sanctions against Russian oil, propelling the price of Brent above 80 dollars. This new offensive directly targets two Russian giants in the sector and a fleet of nearly 200 ships.
New US sanctions against Russia send oil prices through the roof
The US Treasury Department announced on Friday a series of major sanctions targeting the Russian energy sector, the main financier of the war effort in Ukraine. These measures, coordinated with the United Kingdom, target in particular two giants of the sector: Gazprom Neft, a subsidiary of the state group Gazprom, and Sourgoutneftegaz.
The arsenal of sanctions also extends to nearly 200 oil tankers and LNG carriers operating from Russia, constituting what Washington describes as a “ghost fleet”.
Outgoing Treasury Secretary Janet Yellen stressed that these measures were aimed at “disrupting the Kremlin’s revenues” from the oil sector. These sanctions include a ban on American companies providing technical assistance services to the Russian oil sector, a provision which will come into force on January 27.
The restrictions also affect the entire supply chain, including brokers, oilfield service providers and industry policymakers. A senior American official estimates that these measures could cost Russia “several billions of dollars per month”.
The oil market reacted instantly to these announcements, propelling prices to levels not seen in several months. The barrel of Brent from the North Sea climbed more than 3%, exceeding $80, while its American counterpart, West Texas Intermediate, approached $78.
-This increase is part of an already tense context, marked by a constant decrease in crude oil stocks in the United States for seven consecutive weeks. The cold snap hitting North America is also contributing to upward pressure, boosting demand for heating fuels.
JPMorgan analysts anticipate a substantial increase in global oil demand in the first quarter of 2025, suggesting a possible persistence of these price tensions. Bjarne Schieldrop of SEB suggests that “ the current strength of oil could take hold over time« .
This new escalation of American sanctions against Russia marks a major turning point in Washington’s strategy aimed at economically weakening Moscow, while redrawing the contours of the global oil market. The effectiveness of these measures and their impact on the global economy will remain at the heart of market concerns in the weeks to come.
Maximize your Cointribune experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
