U.S. sanctions against Russia’s largest oil producers, including Rosneft, Lukoil, Gazprom Neft and Surgutneftegaz, are having a substantial impact on Russia’s export revenues and fiscal position, exposing the limits of Moscow’s ability to shield its energy sector from Western pressure. Tightened in late 2024 and throughout 2025 under successive U.S. administrations, the measures are designed to constrain production, transport...

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