US intensifies sanctions on Russia in bid to give Ukraine, Trump leverage

NEWS WIRES

10 January 2025 at 3:44 pm·1-min read

Russian President Vladimir Putin visits The State Hermitage Museum in St. Petersburg, Russia on December 24, 2024.

The US on Friday imposed a swath of fresh sanctions on Russian oil and gas which could cost the country billions of dollars per month, aimed at cutting Russia's revenue for funding the ongoing war in Ukraine. Ukrainian President Volodymyr Zelensky welcomed the action, which should improve the odds of a peace deal being reached.

U.S. President Joe Biden's administration imposed its broadest package of sanctions so far targeting Russia's oil and gas revenues on Friday, in an effort to give Kyiv and Donald Trump's incoming team leverage to reach a deal for peace in Ukraine.

The move is meant to cut Russia's revenues for continuing the war that has killed or wounded tens of thousands and reduced cities to rubble since Moscow invaded Ukraine in February, 2022.

Ukrainian President Volodymyr Zelenskiy said in a post on X that the measures announced on Friday will "deliver a significant blow" to Moscow. "The less revenue Russia earns from oil ... the sooner peace will be restored," Zelenskiy added.

The Treasury also rescinded a provision that had exempted the intermediation of energy payments from sanctions on Russian banks.

(Reuters)

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