US President Donald Trump has warned Russia that he will impose economic measures including taxes, tariffs, and sanctions unless Russian President Vladimir Putin agrees to end the war in Ukraine. While it is far from clear whether economic pressure alone can bring Putin to the negotiating table, Russia’s oil and gas industry looks to be the most vulnerable sector of his wartime economy.
United States sanctions on Russia’s energy industry have already been tightened in the first weeks of 2025. Just before leaving the White House, outgoing US President Joe Biden fired a parting salvo of comprehensive new sanctions on Russian oil producers, intermediaries, tankers, traders, and ports handling both oil and liquefied natural gas (LNG).
This package was widely seen as one of the most aggressive since the start of Russia’s full-scale invasion. The impact is already being felt globally. Some banks in India, which currently takes around 40% of all Russian oil supplied to international markets, are reportedly blocking payments for Russian oil imports. Meanwhile, fleet capacity to service Russian crude exports is expected to shrink significantly due to the latest restrictions.
Voice of Ukraine 