US prepares ‘aggressive’ sanctions on Russian oil

(MENAFN) The Biden administration is preparing to impose tougher sanctions on Russian oil exports, just weeks before Donald Trump’s expected return to the White House, according to Bloomberg. While the details of these new measures are still being finalized, the US aims to target specific Russian oil exports, despite having already banned Russian oil imports.

Though President Biden has been cautious about further restrictions due to concerns over rising energy costs, falling oil prices and an anticipated surplus in the coming year could prompt a shift in policy. The US may introduce harsher sanctions, possibly targeting Russian oil buyers, particularly major customers like India and China, which could risk higher global oil prices.

Additionally, the US could focus on Russia’s oil tanker fleet, known as the "Shadow Fleet." This would follow Western sanctions, including a price cap and an embargo on Russian seaborne oil, aimed at limiting Moscow’s revenues while ensuring the flow of oil to global markets. The EU has already targeted the "Shadow Fleet" with its 15th sanctions package.

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