The US and UK issued sanctions against Russia's energy industry on Friday, intensifying pressure on Moscow as the war in Ukraine lurches towards its fourth year.
The measures are “the most significant sanctions yet against the Russian energy sector, the largest source of revenue for the Kremlin's war machine,” a senior Biden official told reporters in a call.
The new US sanctions name Public Joint Stock Company Gazprom Neft and Surgutneftegas, both major players in the Russian oil industry.
“The US Department of the Treasury took sweeping action to fulfil the G7 commitment to reduce Russian revenues from energy, including blocking two major Russian oil producers,” a release from the department said, referring to agreements by the world's seven largest economies to work to stymie one of the largest contributors to the country's gross domestic product.
The punitive measures also take aim at oil-carrying vessels – many of which are part of the “shadow fleet” engaged in the illegal trade of Russian oil – as well as Russia-based oilfield service providers, energy officials and “opaque traders”.
“This wide-ranging, robust action will further constrain revenue from Russia’ energy resources and degrades Putin’s ability to fund his illegal war against Ukraine,” Secretary of State Antony Blinken said in a statement.
Treasury Secretary Janet Yellen said the measures were focused on disrupting “Russia’s key source of revenue for funding its brutal and illegal war against Ukraine”.
“This action builds on, and strengthens, our focus since the beginning of the war on disrupting the Kremlin’s energy revenue, including through the G7+ price cap launched in 2022,” she said in a release. “With today’s actions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”
In a joint move, the UK also announced it was taking action against Gazprom Neft and Surgutneftegas.
“Oil revenue are the lifeblood of Putin's war economy. We will not stand by and let oil profits endanger the lives of Ukrainians – nor will we let Russia keep filling its coffers as it continues to threaten our collective security,” UK Foreign Secretary David Lammy said.
“Taking on Russian oil companies will drain Russia's war chest – and every rouble we take from Putin's hands helps save Ukrainian lives.”
Since Russia invaded in Ukraine in February 2022, the US and other countries have issues thousands of punitive economic measures against Russian citizens and companies.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
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The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
FIGHT%20CARD
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