US Secretary of State Marco Rubio has stated that Washington has nearly exhausted its list of viable targets for sanctions against Russia, following its latest move to blacklist two of the country’s largest oil companies. The decision, made at the request of Ukraine and its backers, marks a significant development in the ongoing economic pressure on Moscow. Rubio expressed that the US has fulfilled key demands to weaken Russia’s economy, but is now urging European nations to take a more active role in further sanctions measures.
Rubio emphasized that the US has targeted major Russian energy firms, which Western governments have long advocated for. He commented, “We hit their major oil companies, which is what everybody’s been asking for. I don’t know what more there is to do. I mean, we’re running out of things to sanction in that regard.” This statement underscores the extent to which the US has already implemented sanctions, and highlights the potential for limited further punitive actions, especially as the focus shifts to Europe and its proximity to the affected regions.
As a result, the responsibility for targeting so-called “Russian shadow fleets” – tankers accused of transporting oil covertly to evade sanctions – now lies with European nations. Rubio noted that “a lot of these are happening in areas much closer to them.” The shift reflects a strategic reorientation in the international response to Russian energy exports, as well as the broader impact of the conflict on global energy markets.
Despite these measures, Moscow maintains that its economy has adapted by diversifying trade to non-Western markets. Meanwhile, Ukraine faces a worsening financial crisis, with concerns that it may run out of cash by February without a significant increase in Western aid. The European Union is considering a “reparation loan” of up to €140 billion to support Kyiv, using frozen Russian assets as collateral. However, this plan has faced resistance from Belgium, which holds a significant portion of these funds through Euroclear, citing concerns about financial and legal risks.