The US Office of Foreign Assets Control (OFAC) has reported that the recently imposed sanctions against Russia are already having a significant impact on the Kremlin’s revenues. According to the agency’s analysis, the restrictions have led to a drop in prices for Russian oil, which has reduced the state’s financial capacity to fund military operations in Ukraine.
This is reported by Business • Media
Reduction of Oil Exports and Market Consequences
Experts note that several major grades of Russian oil are currently being sold at the lowest prices seen in recent years. At the same time, major oil refining companies in India and China have announced their intention to halt purchases of Russian oil starting in December. Analysts estimate that by November 2025, maritime imports of crude oil from Russia to China could decrease by 500,000 to 800,000 barrels per day, which is about 65% of the normal level. The surplus of ESPO oil has caused a price drop for China of $4 per barrel, whereas at the end of October, this discount was only $0.50.
In response to the new restrictions, India has signed its first long-term agreement with the US for the import of 2.2 million tons of liquefied natural gas (LNG) in 2026. This occurred amid negotiations to reduce US tariffs that were imposed due to India’s purchases of Russian oil.
Political Initiatives and New Sanctions
The US Department of the Treasury emphasizes that the sanctions significantly complicate the financing of Russia’s military operations. The agency stresses its readiness to implement additional measures if necessary to halt the violence in Ukraine.
“The bill allows the president to impose secondary sanctions and tariffs at his discretion against countries that continue to buy cheap Russian oil and gas, thereby supporting Putin’s war machine,” he stated.
Senator Lindsey Graham informed that with the support of US President Donald Trump, Congress is considering a bipartisan bill for additional sanctions against Russia. The new initiative aims to expand the president’s authority to impose secondary sanctions and tariffs on countries that continue to purchase Russian energy resources, as well as to exert influence not only on Russia but also on its allies, including Iran.