The sanctions imposed by the U.S. at the end of Joe Biden's presidency have become the most powerful restrictions on Russia throughout the duration of the war.
According to Bloomberg, these measures, particularly concerning the oil industry, could deal a significant blow to Russia's economic potential if they are not lifted after Donald Trump comes to power.
One of the main targets of the new sanctions package is the Russian oil and gas giants "Surgutneftegas" and "Gazprom Neft." Together, these companies provided approximately 970,000 barrels of oil per day in 2024. Now, they may lose markets in India and China, both of which are crucial consumers of Russian oil. In the event of a complete halt in exports due to sanctions, this could impact nearly 30% of Russia's maritime oil exports.
The U.S. has also restricted the operations of around 160 Russian oil tankers. Previously, only 39 tankers were sanctioned, and 33 of them ceased operations, which is significantly higher compared to the tankers that were only subject to European sanctions. However, the sanctions against Russian insurance companies, such as Ingosstrakh and the Alfa Group, are unlikely to have a substantial impact, as tanker insurance can be redirected to other shell companies.
These new sanctions, unlike previous ones, greatly complicate the operations of Russian carriers. While India and China previously easily distanced themselves from sanctioned Russian tankers, the situation has changed significantly now that a considerable portion of the "shadow fleet" of tankers has come under sanctions.
Source: bloomberg.