The Kremlin has criticized the latest round of US sanctions on Russia’s energy sector, warning that such measures could destabilize global markets. The sanctions, introduced by the US Treasury on Friday, aim to reduce Russia’s oil revenues, impacting major producers such as Gazprom Neft and Surgutneftegaz, along with 183 oil-carrying vessels.
Dmitry Peskov, the Kremlin spokesperson, stated, “The United States continues to undermine our companies through uncompetitive means, but we are confident in our ability to counteract these actions.” He added that such decisions would inevitably lead to instability in international energy markets and emphasized efforts to minimize the effects of these “illegal decisions.”
Financial Implications
US officials estimate that the sanctions could cost Russia billions of dollars monthly if effectively enforced. The measures have already prompted Chinese and Indian refineries, which have been major buyers of Russian crude, to seek alternative oil sources.
Peskov highlighted that natural energy supply routes often adapt to sanctions, saying, “Blockages in one area will lead to alternatives emerging elsewhere.”
Impact on Serbia’s Oil Industry
Among those affected by the sanctions is Serbia’s oil industry, primarily the Naftna Industrija Srbije (NIS), where Gazprom holds a majority stake. Serbian President Aleksandar Vučić announced that Gazprom Neft has been given 45 days to exit its ownership in NIS.
The Serbian government, which owns 29.87% of NIS, is working to ensure secure oil supplies during this transition. The Croatian pipeline operator Janaf, responsible for delivering the majority of Serbia’s crude oil, confirmed that full enforcement of sanctions would commence in 45 days, allowing time for adjustments.
Global Market Effects
The sanctions have triggered disruptions in oil markets, particularly affecting tankers supplying crude to India and China. These restrictions come amid heightened global demand and rising tensions in Eastern Europe following Russia’s invasion of Ukraine.
