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The Biden administration is preparing new, tougher sanctions against Russia's oil trade, seeking to increase pressure on the Kremlin's war machine ahead of Donald Trump's return to the White House. As Bloomberg writes, the details of possible new measures are still being worked out, but President Joe Biden's team is considering restrictions that could affect some types of Russian oil exports.
"Biden has long resisted this move due to fears that it could trigger a spike in energy prices. But with oil prices falling amid a global glut and growing fears that Trump may try to force Ukraine to make a quick deal with Russia, the Biden administration is now open to more aggressive action," the article says.
The administration is also considering new sanctions targeting the tanker fleet that Russia uses to transport its oil, and new restrictions could be unveiled in the coming weeks.
As Bloomberg notes, one of the models of US sanctions may be the introduction of restrictions similar to restrictions on Iranian oil. In this case, oil buyers will face punishment from the US. At the same time, such a step is associated with risk, given that India and China are the main consumers of Russian crude oil. In addition, in the near future, such restrictions may lead to a sharp increase in oil prices, which will lead to tensions in the world economy.
The moves are also aimed at increasing pressure on Russia before Trump takes office. Current officials say they want to give Ukraine as much leverage as possible ahead of future negotiations.
"With this in mind, further tightening of President Vladimir Putin's finances can strengthen Ukraine's negotiating position. There is a possibility that Trump could roll back the measures if he believes they have inflated oil prices, but there are potential political costs if he appears weak or offers concessions to Russia too soon," Bloomberg notes.
Sanctions against Russia - news
On December 9, Great Britain announced a new wave of sanctions aimed at the illegal gold trade that finances Putin's Russia's military actions in Ukraine.
On December 2, the new head of the European Council, Antonio Costa, said that Europe plans to increase pressure on the Russian economy and further weaken the Kremlin's ability to wage war.
At the same time, the mass media wrote that the EU is putting pressure on the USA in order to soften the sanctions against the Russian Gazprombank. This financial institution is key to ensuring supplies of Russian natural gas to the EU.
