**US and UK Impose Sweeping Sanctions on Russia’s Oil Industry**
The US and the UK have introduced their most severe sanctions yet against Russia’s oil industry. These measures target nearly 200 vessels, known as the “shadow fleet,” which are used to evade sanctions. The Office of Foreign Assets Control (OFAC) made this announcement on January 10.
**Treasury Secretary Janet Yellen Speaks Out**
US Treasury Secretary Janet Yellen said that these sanctions are a major blow to Russia’s main source of revenue, which funds its war against Ukraine. She stated that the US is taking strong action against Russia’s oil industry to prevent it from supporting its “brutal and illegal” war.
**Sanctions Target Oil Carrying Vessels**
The sanctions include over 180 vessels used for carrying oil. These vessels are part of Russia’s shadow fleet, which is known for evading sanctions. Some of these vessels have also been involved in transporting Iranian oil, which is already sanctioned.
**Major Oil Companies Affected**
Two major Russian oil producers, Gazprom Neft and Surgutneftegaz, are targeted by the sanctions. These companies produce over 1 million barrels of oil daily, generating an estimated $23 billion annually.
**More Restrictions on Russia’s Oil Industry**
The sanctions also affect dozens of Russian energy officials and corporate executives. This further restricts Moscow’s oil industry, making it harder for them to operate.
**Ukraine Disrupts Oil Production**
Ukraine has disrupted Russia’s oil production by targeting refineries with drone strikes. Three major refineries have reduced or suspended operations due to the combined impact of sanctions and Ukrainian attacks.
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