Russia says it will continue oil and gas projects despite US sanctions

MOSCOW (Reuters) – Russia’s Foreign Ministry on Saturday denounced new U.S. sanctions against Moscow’s energy sector as an attempt to harm Russia’s economy at the risk of destabilising global markets and said the country would press on with large oil and gas projects.

A ministry statement also said that Russia would respond to Washington’s “hostile” actions, announced on Friday, while drawing up its foreign policy strategy.

The statement said the measures amounted to “an attempt to inflict at least some damage to the Russian economy, even at the cost of the risk of destabilising world markets as the end approaches of President Joe Biden’s inglorious tenure in power.”

“Despite the convulsions in the White House and the machinations of the Russophobic lobby in the West, trying to drag the world energy sector into the ‘hybrid war’ unleashed by the United States against Russia, our country has been and remains a key and reliable player in the global fuel market.”

The measures constituted the broadest U.S. package of sanctions so far targeting Russia’s oil and gas revenues, part of measures to give Kyiv and the incoming administration of Donald Trump leverage to reach a deal to end the war in Ukraine.

The U.S. Treasury imposed sanctions on Gazprom (MCX:GAZP) Neft and Surgutneftegas, which explore for, produce and sell oil as well as 183 vessels that have shipped Russian oil, many of which are in the so-called shadow fleet of ageing tankers operated by non-Western companies.

Ukrainian President Volodymyr Zelenskiy said the measures would “deliver a significant blow” to Moscow. “The less revenue Russia earns from oil … the sooner peace will be restored,” he said.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    XAU/USD Meaning And Why Gold Is Traded Like a Currency?

    • July 26, 2025
    XAU/USD Meaning And Why Gold Is Traded Like a Currency?

    What Does It Mean When a Country Cuts Interest Rates?

    • July 26, 2025
    What Does It Mean When a Country Cuts Interest Rates?

    Wolves vs. Sheep: Is the Dollar’s Crash Your Biggest Trading Opportunity Yet?

    • July 26, 2025
    Wolves vs. Sheep: Is the Dollar’s Crash Your Biggest Trading Opportunity Yet?

    Week in Review: 5 Key Takeaways from IG’s FY25 Results, London Stock Exchange 24/7 Trading Dilemma

    • July 26, 2025
    Week in Review: 5 Key Takeaways from IG’s FY25 Results, London Stock Exchange 24/7 Trading Dilemma