By Anthony Marcus, correspondent. Eurasia Business News, January 16, 2025. Article no.1377.

Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, told U.S. senators on the Senate Finance Committee that he believes the Russian sanctions from the Biden administration “were not fulsome enough.”

“I think if any officials in the Russian Federation are watching this confirmation hearing, they should know that if I’m confirmed, and if President Trump requests as part of his strategy to end the Ukraine war, that I will be 100% on board with taking sanctions up –especially on the Russian oil majors — to levels that would bring the Russian Federation to the table,” Bessent said.

On January 10, the US Treasury announced wide-sweeping sanctions against the Russian energy sector.

These new sanctions include:

  • Targeting Russian oil majors Gazprom Neft and Surgutneftegas
  • Sanctioning 183 vessels, mostly oil tankers
  • Sanctioning several traders facilitating Russian oil trade
  • Sanctioning two Russian-based insurance providers
  • Prohibiting US petroleum service companies from operating in Russia.

The new sanctions aim to reduce Russian revenues from energy and disrupt the Kremlin’s ability to fund the war in Ukraine.

The UK has joined the US in these sanctions, targeting over 200 entities and individuals involved in the Russian oil industry.

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© Copyright 2025 – Eurasia Business News. Article no. 1377.