The US and EU are preparing fresh sanctions on Russia, though the measures are expected to have only a muted impact on energy markets.
US Treasury Secretary Scott Bessent said on Sept. 2 that Washington was weighing additional steps against Moscow. In a joint statement on Aug. 29, the EU's 26 member states said they were fast-tracking work on a 19th sanctions package.
At a Sept. 5 press conference with Ukrainian President Volodymyr Zelensky, European Council President Antonio Costa called for greater pressure on Russia and said the EU would send a delegation to Washington as part of the effort.
Analysts say the new measures are designed to weaken Russia’s war capabilities through economic pressure, with only a limited focus on the energy sector.
- Kremlin finances targeted
The US and EU have maintained sweeping restrictions on Russian individuals and institutions since the invasion of Ukraine in February 2022.
Washington, which closely tracks nations purchasing Russian oil and gas, imposed an additional 25% tariff on Aug. 27 — doubling the existing levy — on the grounds that crude was sourced from Russia.
The EU, meanwhile, has rolled out 18 rounds of sanctions so far, spanning strategic sectors including trade, finance, energy, industry, technology, transportation, dual-use goods, luxury products, gold and diamonds. Measures have included removing major banks from the SWIFT payment system and banning imports of seaborne crude and certain refined fuels into the bloc.
- EU's 19th sanctions package to place limited focus on energy
Russian President Vladimir Putin is expected to monitor US moves on additional sanctions throughout September, as he remains reluctant to meet with Ukrainian President Volodymyr Zelensky, Richard Bronze, head of geopolitics at the think tank Energy Aspects, told Anadolu.
Bronze noted that legislation proposing 500% tariffs on countries buying Russian oil, gas and other products could resurface, though significant amendments may be required to secure congressional approval, a process that would give US President Donald Trump considerable flexibility in shaping the sanctions.
Marking that the EU's 19th sanctions package could be finalized between September and October, Bronze said it was "too early to know the specifics of what will be included in the final package, but early reports suggest few measures will focus on energy markets."
He added that several elements of the 18th package are still being implemented, including the lower Russian oil price cap, which took effect on Sept. 3, and the ban on imports of products refined from Russian crude in third countries, set to apply from Jan. 21, 2026.
- Sanctions fail to weaken Kremlin
Pointing to the impact of sanctions on energy markets, Bronze said, "Overall, Western sanctions on Russia since the full-scale invasion of Ukraine in 2022 have significantly reshaped energy markets, but they have failed to undermine the Kremlin’s war effort."
He noted that while Russia’s pipeline exports have declined as Europe cut gas purchases, Moscow has redirected crude oil and refined products to alternative markets, with sellers offsetting high transport costs through discounts.
"But sanctions have not removed significant volumes of Russian oil from the global market," Bronze added, "mainly because successive US administrations have been concerned about the risk of oil prices spiking if sanctions are applied too aggressively."
- No short-term US restrictions expected on Russian oil
Francesco Sassi, Postdoctoral Fellow at the University of Oslo, said the US is unlikely to impose sanctions on Russian oil in the near term.
"We are unlikely to see sanctions on Russian oil in the short term, as the Trump administration is attempting to pursue a diplomatic approach and engage with Russia, even exploring potential energy cooperation in several areas," Sassi said.
"Washington has become a prisoner of its own rhetoric on the need to change its approach toward Moscow compared with the previous Biden administration, risking being stuck in a strategic dilemma," He added.
Meanwhile, US-EU coordination on the Russia-Ukraine war is diverging, creating a strategic vacuum Moscow could exploit, with energy emerging as a critical leverage point, Sassi concluded.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr