Russia to Continue Energy Projects Despite US Sanctions

In a statement released Saturday, Russia’s Foreign Ministry condemned the latest U.S. sanctions targeting its energy sector, characterizing them as a damaging attempt to destabilize global markets. Russia affirmed its commitment to continuing major oil and gas projects.

The ministry further stated that it would retaliate against Washington’s “hostile” actions, unveiled Friday, while formulating its foreign policy response.

The statement described the sanctions as an effort to harm the Russian economy, even at the risk of global market instability, suggesting this was a last-ditch attempt by the Biden administration.

Russia asserted its continued role as a crucial and dependable supplier in the global energy market, despite Western attempts to involve the sector in the ongoing conflict.

This latest round of U.S. sanctions represents the most extensive action yet against Russia’s oil and gas revenue streams, aimed at bolstering Ukraine and the incoming administration’s negotiating position to end the war.

The U.S. Treasury Department sanctioned Gazprom Neft and Surgutneftegas, along with 183 vessels involved in transporting Russian oil, many belonging to an aging, non-Western “shadow fleet.”

Ukrainian President Volodymyr Zelenskyy hailed the sanctions, predicting a significant blow to Moscow’s finances and asserting that reduced oil revenues would expedite peace.