U.S. Considering Tougher Sanctions On Russian Energy Resources Bloomberg
Date
12/11/2024 1:08:51 AM
(MENAFN- UkrinForm) 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 Bloomber , citing its sources, Ukrinform reports.
"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.
Read also: Anti -
Russian Sanctions :
How to
Make Them Work as
Desired and
Expected to
Prevent Russia Making Billions
"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.
MENAFN11122024000193011044ID1108979760
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.