US announces fresh wave of sanctions on Russia ahead of Trump's return to White House
15 January 2025, 17:44 | Updated: 16 January 2025, 09:21
The US has announced fresh sanctions on Russia ahead of Donald Trump's return to the White House.
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Several individuals have been targeted as well as a China-based entity and a bank in Kyrgyzstan, according to a post on the US Treasury website.
The sanctions have been issued under an executive order a senior Treasury official said puts in place a Congressional review notification requirement before any of the measures are lifted.
It comes as part of a final push from the Biden administration to increase pressure on Moscow ahead of Donald Trump's return to the White House on January 20.
"Our goal in taking these actions today is to make clear to financial institutions, but companies as well, that doing business with Russia that supports its military industrialised complex exposes you to sanctions risk yourself," an official, speaking anonymously, said.
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The latest round of sanctions could significantly disrupt the country's oil supply chains, the International Energy Agency IEA) said on Wednesday, potentially tightening the global market.
"We maintain our supply forecasts for both countries until the full impact of sanctions becomes more apparent, but the new measures could result in a tightening of crude and product balances," the IEA said.
It comes after a wave of sanctions hit Russian oil tankers and producers last week.
"The new team is setting up for a negotiation, and in a negotiation, you need leverage, and part of that leverage has to come from the kind of economic pressure that makes Putin see he's going to continue to pay a significant price economically," security adviser Jake Sullivan previously said.
