Russia will continue its oil and gas projects in spite of US sanctions

The Russian Foreign Ministry on Saturday

New U.S. Sanctions denounced

The Russian government has accused the US of attempting to destabilise global markets by sabotaging the energy sector in Moscow. It said that the country will continue with its large oil and natural gas projects.

In a statement, the ministry said that Russia will also respond to Washington's actions announced on Friday as "hostile", while drafting its foreign policy strategy.

The statement stated that the measures were "an attempt to inflict some damage on the Russian economy even if it meant destabilizing world markets at the end of President Joe Biden’s ignominious tenure at power."

"Despite the turmoil in the White House, and the machinations by the Russophobic Lobby in the West trying to drag the energy sector of the world into the 'hybrid warfare' unleashed against Russia by the United States, our country remains a reliable and key player on the global fuel markets."

The measures were the most comprehensive U.S. sanctions against Russia's oil revenues and gas revenues to date. They are part of measures designed to give Kyiv, and the new administration of Donald Trump, leverage to come to an agreement to end the conflict in Ukraine.

The U.S. Treasury has imposed sanctions against Gazprom Neft, Surgutneftegas and 183 vessels which have transported Russian oil. Many of these vessels are part of the shadow fleet, a group of old tankers owned by non-Western firms.

Volodymyr Zelenskiy, the Ukrainian president, said that these measures would "deal a significant punch" to Moscow. He said that the less money Russia makes from oil, the faster peace would be restored. Reporting by Ron Popeski and Vladimir Soldatkin. Mark Potter, Diane Craft and Mark Potter edited the article.

(source: Reuters)