US limits exports on Russia's oil refining sector
The US targets 91 entities that support Russia's military in addition to export controls on the latter's oil refining sector.
The US has decided to impose export controls on Russia's oil refining sector, targeting 91 entities in 10 countries that support Russia's military, according to a statement by the Commerce Department.
"The new regulations target Russia’s oil refining sector with new stringent export controls and identify 91 entities that support Russian military activities. These actions will further restrict access to U.S. commodities, software, and technology as part of our ongoing efforts to degrade Russia’s ability to acquire the items it needs to sustain its military aggression," the Commerce Department said in a press release.
Read more: US, EU sanctions on Russia impact gas, oil, currency & more
The entities in question are located in Russia (where 81 of them are based), the UK (3), Estonia (3), Spain (2), Malta (2), Kazakhstan (1), Latvia (1), Belize (1), Singapore (1) and Slovakia (1). Some of the entities in question operate in multiple countries.T
The Russian operation in Ukraine triggered soaring oil prices: yesterday, the oil prices surged above $120 a barrel after Russia faced economic damage and isolation.
The Russian Foreign Ministry stated on Tuesday, that the Western sanctions have no legal grounds, and are unrelated to the current situation.
The Ministry mentioned that Moscow offered joint work, but the West blocked it, blaming them for destroying all existing international legal foundations, adding that Moscow has not yet worked out all retaliatory measures to Western sanctions. The Ministry slammed the sanctions as totally immoral.