LONDON, December 1. /TASS/. Washington is aiming to halve Russia’s oil and gas revenues by the end of this decade, Geoffrey Pyatt, US assistant secretary of state for energy resources, told the Financial Times.

Western sanctions on Russia’s oil came into force on December 5, 2022. The International Energy Agency has forecast that its oil and gas exports could fall "by at least 40-50 per cent by 2030" if western sanctions on Russia’s energy industry are maintained, FT said.

"This is something that we’re going to have to stick to for years to come," as long as the Ukrainian conflict continues, Pyatt said. "We’re going to do everything we can to help make that true," he was quoted as saying. "The goal of these sanctions is to change Russia’s behavior," the official added.

Sticking to sanctions against Russia "has enormous geopolitical implications in terms of <…> Russia’s ability to use its energy as a strategic asset," Pyatt noted.

In December 2022, the European Union stopped receiving Russian oil delivered by sea, while G7 countries, Australia and the EU imposed a price cap for it, setting the ceiling at $60 a barrel. It is banned to deliver or insure more expensive oil.