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The incoming Trump administration is developing comprehensive sanctions targeting the oil sectors of Iran, Russia, and Venezuela, focusing on three persistent diplomatic challenges facing the United States.
The measures aim to pressure Russia to end its war in Ukraine, address concerns about Iran’s nuclear program, and respond to Venezuela’s democratic backsliding.
However, sanctioning these major oil producers presents significant challenges for global markets, particularly following recent oil price increases triggered by Biden’s sanctions on Russia.
Meanwhile, Russia’s financial strain is evident, with its National Wellbeing Fund’s liquid assets dropping 24% to 3.8 trillion rubles in 2024, largely due to war-related expenditures. The news coincides with BP’s announcement of significant job cuts and restructuring efforts under CEO Murray Auchincloss.
