The U.S. Department of the Treasury today announced further sanctions against Russia, targeting its oil production and exports to curb revenue used for its war against Ukraine.
Actions include sanctioning two major Russian oil companies, over 180 vessels, and numerous oil traders and service providers. The measures, aligned with the G7 commitment, aim to disrupt Russian energy revenues and include a new determination under Executive Order 14024 to sanction entities operating in Russia's energy sector. The UK is also participating in these sanctions.
Additionally, the U.S. Department of State is blocking Russian liquefied natural gas projects and designating Russian energy officials.
Read the Treasury release
Documents
The Department of the Treasury's Office of Foreign Assets Control (OFAC) today issued a release announcing the publication of the following:
- Determinations
- Russia-related general licenses
- General License 8L, "Authorizing the Wind Down of Transactions Related to Energy"
- General License 115A, "Authorizing Certain Transactions Related to Civil Nuclear Energy"
- General License 117, "Authorizing the Wind Down of Transactions Involving Gazprom Neft, Surgutneftegas, and Certain Additional Entities Blocked on January 10, 2025"
- General License 118, "Authorizing Certain Transactions Related to Debt or Equity of, or Derivative Contracts Involving, Gazprom Neft, Surgutneftegas, and Certain Additional Entities Blocked on January 10, 2025"
- General License 119, "Authorizing Certain Transactions Involving Public Joint Stock Company Gazprom Neft Related to Diplomatic and Consular Mission Operations Outside of the Russian Federation"
- General License 120, "Authorizing Limited Safety and Environmental Transactions and the Unloading of Cargo Involving Certain Persons or Vessels Blocked on January 10, 2025"
- General License 121, "Authorizing Petroleum Services Related to Certain Projects"
- Russia-/Ukraine-related General License 26, "Transactions Authorized Pursuant to the Russian Harmful Foreign Activities Sanctions Regulations"
- Russia-related “frequently asked questions” (FAQs)
- Five new FAQs—1213 - 1217
- 14 amended FAQs—967, 976, 977, 978, 999, 1011, 1012, 1017, 1117, 1126, 1182, 1183, 1201, and 1203
Additionally, OFAC revoked Russia-related General License 93, "Authorizing Transactions Involving Certain Sovcomflot Vessels."
Lastly, OFAC updated its specially designated nationals and blocked persons list (SDN List), the sectoral sanctions identifications (SSI) list and/or the non-SDN menu-based sanctions list (NS-MBS List).