US sanctions on Russia will be imposed over the next decade to cut Russia’s energy revenues in half. A US government official told a British business newspaper Financial Times.

“As long as Putin stays in this war, it’s something we’re going to have for years to come,” says Jeffrey Piatt, assistant secretary of state for energy.

Controlling Moscow’s oil and gas revenues is important to ensure that Russia cannot quickly reorganize for future military operations, Piatt said. US looks beyond conflict in Ukraine

Western sanctions were first applied in February 2022 after Russian troops invaded Ukraine.

Sanctions now include a $60-per-barrel price ceiling on Russian oil exports and restrictions on trade in Russian oil products and diesel.

Last month, the United States imposed its first sanctions on Russian gas exports from a liquefied natural gas project known as Arctic LNG 2.

Major Russian oil and gas companies saw their revenue fall 41 percent in the first nine months of this year. reported The Central Bank of Russia at the end of November.

Russia is highly dependent on oil and gas revenues

In the long term, Western sanctions could reduce Russian state revenues from oil and gas from $75 billion in 2021 to $30 billion in 2030, the Western energy agency IEA calculated last year. In an update last October The IEA said Russia’s share of international gas trade could be halved by 2030.

Responding to Pyatt’s comments, Kremlin spokesman Dmitry Peskov told reporters that Moscow views Western sanctions as a long-term reality. “We have no doubt that the United States will continue to exert pressure on Russia and the entire trade and economic relationship, with disastrous consequences.”

While Western sanctions certainly affect Russia, they have not always proven effective. The loss of oil and gas customers in the West has been partially offset by increased purchases of Russian oil by India and China.

Russian exports of oil by ship have actually increased despite the price ceiling, as sanctions prove difficult to enforce.

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