Oil prices hit 5-month high after new US sanctions

Oil reached a five-month high after the U.S. imposed large-scale sanctions against Russia. This was reported by Bloomberg agency on January 13.

It is specified that Brent oil is trading above $ 80 per barrel, however, only on Friday, January 10, the cost rose by 4%.

The publication noted that the rise in oil prices contributed to the growth of oil prices contributed to the cold weather, the reduction of inventories in the United States and speculation that in the coming months, the authorities of U.S. President-elect Donald Trump may tighten restrictions on supplies from Iran.

"A broad package of sanctions [against Russian Federation] by the outgoing administration of [current U.S. President Joe] Biden threatens new shocks and potentially changes the market framework for OPEC+", Bloomberg writes.

However, it is still unclear at this point how the restrictions will affect actual oil flows, the publication said.

Last chord: Biden administration imposes sweeping sanctions against Russia's oil sector

However, their future fate will depend on the decisions of US President-elect Donald Trump

Earlier, on January 10, the U.S. and Britain expanded sanctions against Russia. The list included Gazprom Neft and its head Alexander Dyukov, Surgutneftegaz, Rosatom CEO Alexei Likhachev, as well as 100 Russian tankers.

Kremlin spokesman Dmitry Peskov said on January 13 that the United States was trying to undermine the positions of Russian energy companies through sanctions. According to him, Rosatom State Corporation will continue its international activities, as it is one of the leaders of the global nuclear market.

Rosatom noted that the state corporation perceives the new restrictions as an element of unfair competition. Russian Foreign Ministry spokeswoman Maria Zakharova told Izvestia that Biden's new sanctions on the eve of his resignation from the presidency are not going to "leave a trace in history," but "only a legacy."

Back in November 2024, Finance Minister Anton Siluanov said that Western sanctions will not lead to restrictions on Russia's foreign trade. According to him, all restrictions by Western countries first of all hit them.

Western countries have tightened sanctions pressure on Russia in connection with the special operation to protect Donbass. The decision to launch the operation was announced on February 24, 2022 after the situation in the region worsened due to shelling by the Ukrainian military.