Oil and gas revenue is expected to account for around 27% of Russia's federal revenue in 2025, according to a draft budget viewed by Reuters.
The White House, now unconcerned about the effect on gas prices and inflation, blacklisted two of Russia’s biggest oil producers and nearly 200 tanker ships.
President Joe Biden is expected to unveil new sanctions targeting Russia's economy this week, according to a U.S. official, as part of measures to bolster Kyiv's war effort against Moscow before Donald Trump takes office.
The U.S. Treasury Department unveiled new sweeping sanctions on Russia’s energy sector in an effort to reduce Moscow’s revenue from oil.
Brussels is reportedly assessing the potential impact of President-elect Donald Trump reversing Biden-era sanctions on Russia.
President-elect Donald Trump should get tough on countries using chemical weapons in breach of agreed international conventions, such as Russia.
Joe Biden is expected to unveil new sanctions targeting Russia's economy as part of measures to bolster Kyiv's war effort before Donald Trump takes office.
President Joe Biden's administration says it's expanding sanctions against Russia's critically important energy sector over its war in Ukraine.
Fresh sanctions against the Russian energy sector include two of the largest oil companies. The sanctions also target Russia's "shadow fleet" of oil tankers.
Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $2.50, or 3.