Reuters has reported that Joe Biden's administration plans to impose additional sanctions on Russia, targeting its oil revenues through actions against tankers carrying Russian oil.

Source:European Pravda, citing Reuters

Details:Reuters sources say the Biden administration plans to impose sanctions on tankers carrying Russian oil sold above the Western price of US$60 per barrel. Russia has used a so-called shadow fleet of older ships to circumvent the restrictions. Shipping experts say many of these vessels are less safe and prone to oil spills.

Following Russia's invasion of Ukraine in February 2022, the US imposed sanctions on dozens of such ships from a fleet estimated to number in the hundreds to reduce its ability to finance the invasion.

One source said that it was going to be a big package. Another source said that the sanctions would likely include measures against individuals involved in networks that trade oil at prices above the cap.

President Joe Biden's administration is trying to strengthen support for Ukraine before President-elect Donald Trump takes office on 20 January, given the Republican leader's frequent complaints about the cost of US support for Ukraine.

It remains unclear what Trump's approach to sanctions against Russia will be.

Reuters reported last month that US Treasury Secretary Janet Yellen told Reuters that the US was considering further sanctions on tankers and did not rule out sanctions on Chinese banks as it seeks to reduce Russia's oil revenues and limit its access to foreign supplies to support the war in Ukraine.

Background:

• Joe Biden's administration is discussing the possibility of imposing new "serious sanctions" against the Russian energy sector before the end of his term.
• Before that, Bloomberg reported that the Group of Seven countries were discussing a possible reduction in the so-called price ceiling for Russian oil transported by sea to limit Russia's oil revenues.
• On 16 December, the EU adopted the 15th package of sanctions against Russia, designed to counteract sanctions circumvention by targeting Russia's "shadow fleet" and weakening the Russian defence industrial base.

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