The United States is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine, Treasury Secretary Janet Yellen stated. With today's actions, we are ratcheting up the sanctions risk associated with Russia's oil trade, including shipping and financial facilitation in support of Russia's oil exports.
Western nations have targeted Russia's energy trade since the early days of the Ukraine war, given that Russia's energy revenue makes up a big chunk of the nation's war budget. Oil and gas revenue is expected to account for around 27% of Russia's federal revenue in 2025.
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