Following Bloomberg reporting today that the United States is preparing new sanctions on Russia’s energy sector if Vladimir Putin rejects the latest peace proposal, Ukrainian campaign group Razom We Stand has welcomed the move, but warns the Trump administration that without fully dismantling Putin’s energy empire, the war in Ukraine will continue to rage on.
Since the beginning of the war, Russia has earned over $1 trillion in revenue from fossil fuel exports.
Dr Svitlana Romanko, Founder and Executive Director of Razom We Stand, said: “The recent push from the US to finally force Putin to accept a peace agreement must go all the way. Partial measures and selective pressure have never stopped Russia’s war machine. Russia’s war is funded by fossil fuel revenues, and only full, comprehensive sanctions that cut off cash flows from Russian oil and gas exports will create real pressure on the Kremlin to end its aggression and finally agree to peace. As long as Russian fossil fuels continue to reach global markets, Putin retains the financial oxygen to prolong the war and reject genuine peace.
Real leverage comes from fully cutting off Russia’s fossil fuel revenues — sanctioning production, transport, shipping, insurance, and all financial services that keep this trade alive. Every loophole left open allows billions more to flow into Russia’s war economy. If the US wants sanctions to change the Kremlin’s calculations, it must decisively shut down Russia’s fossil fuel exports that enable it. If the goal is to force an end to the war, then Russian fossil fuels must no longer be allowed to fund it. Anything less only delays peace and prolongs Ukrainian suffering and the killing of innocent people.”
The US still imports products made from refined Russian crude. Data from the Centre for Research on Energy and Clean Air (CREA) shows that between January 2024 and June 2025, the US imported €3.1 billion of oil products from Indian refineries, of which €1.3 billion came from Russian crude. Meanwhile, the US government continue to do nothing about oilfield services giant SLB, which has expanded its operations in Russia, signing contracts with the Russian oil and gas institute Vnigni to help develop projects, a direct contribution to Moscow’s war machine.
