Treasury Intensifies Sanctions Against Russia by Targeting Russia’s Oil Production and Exports

New energy sector determination targets Russia’s primary revenue source with sanctions against Gazprom Neft and Surgutneftegas, more than 180 vessels, and dozens of oil traders, oilfield service providers, insurance companies, and energy officialsWASHINGTON — Today, the U.S. Department of the Treasury took sweeping action to fulfill the G7 commitment to reduce Russian revenues from energy, including blocking two major Russian oil producers. Today’s actions also impose sanctions on an unprecedented number of oil-carrying vessels, many of which are part of the “shadow fleet,” opaque traders of Russian oil, Russia-based oilfield service providers, and Russian energy officials. Today’s actions are underpinned by the issuance of a new determination that authorizes sanctions pursuant to Executive Order (E.O.) 14024 against persons operating or having operated in the energy sector of the Russian Federation economy.