The administration of the current U.S. president Joseph Biden is considering new, stricter sanctions against Russian oil just a month and a half before leaving office. The White House believes this will increase pressure on the Russian regime and on the overheating Russian economy.
This was reported by Bloomberg citing its own sources. The publication states that the details of the sanctions are being worked out, but the restrictions that Biden's team is exploring could affect certain types of Russian oil and petroleum product exports.
"Biden has long resisted this move due to concerns it might trigger a spike in energy prices, especially ahead of last month's presidential election. However, with oil prices falling amid a global surplus and growing fears that Trump might try to push Ukraine into a quick deal with Russia to end nearly three years of war, the Biden administration is now open to more radical actions," the article states.
Biden's team is now willing to take risks in its confrontation with the Kremlin, as they will leave the White House in a month and a half. Additionally, during Biden's presidency, average gasoline prices have dropped to record lows, but the cost of this has been effectively allowing the Kremlin to earn more from oil. The White House is now ready to correct this mistake.
Specifically, the Biden administration is preparing sanctions against the Russian tanker fleet, which could be announced in the coming weeks. Similarly, the European Union is currently planning analogous measures. The sanctions will target not only tankers and companies but also individuals involved in oil trade from Russia.
It is worth noting that in the months following the invasion of Ukraine and the punitive restrictions imposed by the West, Russia has built up a shadow fleet for transporting its oil worldwide. Increasing evidence suggests that Moscow is now doing the same for transporting liquefied natural gas.