Washington aims to halve Russia's oil and gas revenues by the end of this decade, Geoffrey Pyatt, US assistant secretary of state for energy resources, told the Financial Times.
Western sanctions against Russia's oil came into force on December 5, 2022. The International Energy Agency has predicted that its oil and gas exports could fall "by at least 40-50 percent by 2030" if Western sanctions on Russia's energy industry are maintained. FT said.
“We have to stick with this for many years to come,” said Pyatt, as long as the Ukraine conflict continues. “We will do everything we can to help make this come true,” he was quoted as saying. "The aim of these sanctions is to change Russia's behavior," the official added.
Maintaining sanctions against Russia "has enormous geopolitical implications for Russia's ability to use its energy as a strategic asset," Pyatt noted.
In December 2022, the European Union stopped receiving Russian oil delivered by sea, while the G7 countries, Australia and the EU introduced a price cap for it, set at $60 per barrel. It is forbidden to deliver or insure more expensive oil.