US Claims Success in Hurting Russian Oil Prices With Sanctions

The US Treasury claimed success in the department’s latest efforts to undermine Russia’s funding capacity for its war against Ukraine, in an unusual statement showcasing the market impact of measures against oil giants Rosneft PJSC and Lukoil PJSC.

“Demand for Russian oil is plunging, driven by the efficacy of US sanctions,” the Treasury’s office overseeing US sanctions said. Various grades of Russian oil are “trading well below all other international prices,” with several at multi-year lows, the release said.