U.S. considering tougher sanctions on Russian energy resources – Bloomberg
The administration of U.S. President Joe Biden is exploring the possibility of significantly stricter sanctions on Russian oil before Donald Trump’s inauguration.
That is according to Bloomberg, citing its sources, CE Report quotes Ukrinform.
"Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports," the source states.
Previously, Biden had opposed such measures, citing concerns over rising fuel prices in the U.S., especially ahead of presidential elections. However, with oil prices falling due to a global surplus and fears that Donald Trump might pressure Ukraine into a rapid agreement with Russia to end the nearly three-year war, the Biden administration is now open to more aggressive actions, Bloomberg notes.
The U.S. is also considering new sanctions against Russia’s shadow fleet of oil tankers, which could be announced in the coming weeks.
"One model for broader US sanctions could be to impose restrictions similar to those on Iranian oil. In that case, buyers of the oil face US punishment. Such a move would be fraught with risk, given that powerful countries including India and China are major consumers of Russian crude," the article highlights.
As reported, last week, the U.S. government announced sanctions against Iran’s shadow fleet, which Tehran uses to illegally sell oil abroad, bypassing existing sanctions.
