Outgoing U.S. President Joe Biden declared that Russian President Vladimir Putin is in a “weak position” after the United States and the United Kingdom announced coordinated sanctions against Russia’s energy sector due to its invasion of Ukraine.
“These sanctions are critical. We must ensure there’s no respite for him,” Biden told reporters, emphasizing the impact of cutting off key revenue streams for the Kremlin’s war efforts.
The sanctions target major Russian oil producers, including Gazprom Neft and Surgutneftegaz, described as “the largest sources of Kremlin funding.” The U.S. Treasury Department stated that these measures, effective January 27, aim to disrupt all critical links in Russia’s oil production and distribution chains.
The UK Foreign Office echoed the sentiment, stating that Russian oil revenues account for about 25% of its total budget and are vital for its war economy. British Foreign Secretary David Lammy remarked, “Every ruble we deny Putin contributes to saving Ukrainian lives.”
Targeting the Shadow Fleet
The sanctions also focus on approximately 200 tankers within Russia’s so-called “phantom fleet,” which reportedly evade international restrictions. Many of these ships are registered under flags of convenience, such as Barbados and Panama, to bypass sanctions.
Dalip Singh, a U.S. National Security Advisor, highlighted the unprecedented scale of these sanctions, asserting that they deliver a severe blow to Russia’s ability to sustain its aggression.
Biden’s Farewell Speech
President Biden is set to deliver his farewell address to the nation from the Oval Office on Wednesday, just days before the inauguration of President-elect Donald Trump. His speech will reflect on his decades-long political career and his administration’s foreign policy achievements, including the sanctions on Russia.
As Biden prepares to leave office, the sanctions are expected to provide significant leverage for the incoming administration in negotiations for a “just and lasting peace” in Ukraine.
